WestJet today announced that it welcomes the parliamentary introduction of Bill C-45, which allows for the implementation of the Cape Town Convention. The treaty, if passed in Canada, would help to facilitate the financing of commercial aircraft by establishing international standards that ensure greater transparency of aircraft ownership and access by creditors to mobile assets, including aircraft. Established in 2001, the Cape Town Convention is the result of negotiations involving 68 countries, including Canada.
“We are pleased to see the Canadian government recognize the importance of the Cape Town Convention for the Canadian airline industry,” said Candice Li, WestJet Vice-President, Treasury. “As an airline with a keen focus on cost, we recognize the savings benefits for the overall Canadian air carrier industry, potentially saving millions of dollars in financing costs over the lifetime of an aircraft.”
Once fully adopted, WestJet and other Canadian air carriers will have the opportunity to benefit from increased access to, and alternatives for, aircraft financing and discounts to the cost of aircraft financing. The legislation, once passed, would still require an approval by the Organisation for Economic Co-operation and Development before the actual benefits of the treaty can be realized.
“We fully support the continued efforts of all parties so that Canadian carriers can experience the same benefits that airlines from many other countries are already enjoying today,” Candice Li continued. “Opportunities like these allow WestJet to continue to its commitment to offer affordable air travel for our guests.”
More than 50 countries and regions around the world have already adopted the Cape Town Convention since the treaty was recognized in 2001, including the U.S., China and several European countries.
Source and photo: WestJet