Parliament has passed legislation allowing New Zealand to join an international convention that will mean reduced costs for companies buying and leasing aircraft."Joining the Cape Town Convention means New Zealand will become part of an international
Parliament has passed legislation allowing New Zealand to join an international convention that will mean reduced costs for companies buying and leasing aircraft.
"Joining the Cape Town Convention means New Zealand will become part of an international system to protect commercial security interests in mobile aircraft equipment," Transport Minister Steven Joyce said tonight.
"The convention offers greater certainty to all parties, allowing lenders and lessors to offer discounted rates to aircraft operators in states that are party to the convention."
Mr Joyce said most of New Zealand's commercial air operators would benefit from reduced costs.
