Economy

OECD invites China, Russia to join new aircraft financing agreement

(Xinhua)
Updated: 2011-02-26 15:51

PARIS - The Organization for Economic Cooperation and Development on Friday invited China and Russia to join a new aircraft financing agreement during a signing ceremony in Paris.

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"Russia is becoming a prominent commercial aircraft producer and China will begin production in the next few years," Angel Gurria, secretary-general of the OECD, said at the fete attended by negotiators from Brazil, Canada, the European Union, Japan and the United States.

Participation of all the players in the new rules could make the market function "on a level playing field," Gurria said.

Russia and China last year participated in discussions concerning the agreement but have not yet decided to join. The agreement aims to unify differences in financing terms and conditions between large and regional jets, and to establish mechanisms to smooth sharp market movement.