Canada ratifies Cape Town Convention
Canada has deposited the necessary documents to ratify the Cape Town Convention and Aircraft Protocol making repossession of aircraft easier.
The Cape Town Convention will take effect in Canada on April 1, 2013.
“The Government of Canada is focused on the economy and working to create a more competitive business environment in Canada,” said Denis Lebel, Minister of Transport, Infrastructure and Communities and Minister of the Economic Development Agency of Canada for the Regions of Quebec. “The Convention and Protocol help to strengthen the airline and aerospace industries through an international legal framework for the financing of their aircraft equipment.”
Canada will comply with all of the OECD qualifying declarations which are necessary for borrowers to obtain discounts for export credit.