DUSHANBE, July 5, 2011, Asia-Plus — Tajikistan has joined the Cape Town Convention on International Interests and Mobile Equipment.
According to Tajik private air carrier, Somon Air, the country’s accession to the Convention will give Tajikistan an opportunity to attract investments for renewal of its air fleet.
Tajikistan along with Russia and Kazakhstan acceded to the Cape Town Convention last year, the source said.
The Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, together usually referred to as the Cape Town Treaty, is an international treaty intended to standardize transactions involving movable property, particularly aircraft and aircraft engines.
The treaty creates international standards for registration of ownership, security interests (liens), leases and conditional sales contracts, and various legal remedies for default in financing agreements, including repossession and the effect of particular states” bankruptcy laws.
The treaty”s Protocol applies to aircraft which can carry at least 8 people or 2750 kilograms of cargo, aircraft engines with thrust exceeding 1,750 pounds-force (7,800 N) or 550 horsepower (410 kW), and helicopters carrying 5 or more passengers.
The treaty resulted from a diplomatic conference held in Cape Town, South Africa in 2001. The conference was attended by 68 countries and 14 international organizations. 53 countries signed the resolution proposing the treaty. The Convention portion of the treaty came into force on April 1, 2004, and has been signed by 28 countries. The Protocol (which applies specifically to aircraft and aircraft engines) took effect on March 1, 2006.
