The agreement on mutual recognition of bank guarantees was developed among the members of the EAEU and signed in August 2023 in Moscow. Its aim is to facilitate and simplify the operations of suppliers in public procurement across the member states of the Union.
It also establishes legal norms and requirements for banks issuing such guarantees, as well as a registry of bank guarantees.
Senator Nurlan Bekenev emphasized:
“The agreement allows for the use of bank guarantees issued by resident banks of one member state of the Union for participation in public procurement of another member state. The agreement also outlines the requirements for banks authorized to issue bank guarantees for public procurement purposes, the approaches for forming a list of such banks, and the mechanisms for maintaining the registry of bank guarantees.”
This Agreement will strengthen cooperation in the field of public procurement on a long-term and stable legal basis.