Aircraft leasing companies The covid-19 crisis has also put pressure on aircraft leasing companies, although the leasing sector is better placed than airlines. The crisis has forced leasing companies to ground their fleets, cancel new aircraft orders and respond to their rental customers` demands.  Leasing companies are also exposed to significant risks in the event of the bankruptcy of their airline customers, as they would have to repossess their aircraft in a weak market and re-lease them at lower rates, if they can find a new leased customer. Nevertheless, leasing companies are expected to perform better than airlines, as the revenues and cash flows of leasing companies are less directly affected by the decline in air travel. In the past, many leasing companies have reduced potential risks by having different customer base, bese surety bonds, and comparing the terms of their leases with aircraft loan financing.  Cargo aircraft The COVID-19 crisis has strongly influenced the way air cargo is transported. To date, about 45% of the world`s air cargo was carried in the hold by airliners. However, in March 2020, global passenger traffic collapsed and almost every airline in the world reduced their flights, especially for long-haul flights. As a result, global cargo capacity decreased by about 23% in a few weeks due to the grounding of passenger flights.  In the short term, this gap in air cargo capacity has been filled by the use of some passenger aircraft for pure cargo travel and even by the use of passenger cabins for storage.  In the long term, overall economic growth is expected to recover faster than passenger transport, which will increase demand for cargo aircraft to address this lack of cargo capacity. Wide-Body vs. Narrow-Body, desiring to create fair and equal opportunities for competition for their civil aircraft activities and manufacturers in order to participate in the expansion of the global civil aircraft market; 8407.10 Piston or rotary piston engine 2.1.2 until the 1st to eliminate, on 1 January 1980 or until the date of entry into force of this Agreement, all customs duties and other taxes1 of any kind levied on repairs to civil aircraft; 5.1 Signatories may not apply quantitative restrictions (import quotas) or import permit requirements to limit imports of civil aircraft in a manner inconsistent with existing GATT provisions.
This does not exclude import monitoring or licensing systems in accordance with gatt. Tariffs on large civil aircraft were abolished in 1980 by the World Trade Organization (WTO) Agreement on Trade in Civil Aircraft. . . .