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Agreement on recognition of bank guarantees in procurement in EAEU approved

President of Kyrgyzstan Sadyr Japarov signed the Law on the ratification of the agreement on mutual recognition of bank guarantees in state (municipal) procurement within the Eurasian Economic Union (EAEU), signed on August 29, 2023 in Moscow. The press service of the head of state said.

The law was adopted by the Parliament on January 17, 2024.

The main purpose of the agreement is to ensure unhindered access for potential suppliers registered in the territory of one EAEU state to participation in state (municipal) procurement in another. At the same time, the principles of equality and mutual benefit must be observed, taking into account the economic interests of the member states, as well as the need to properly protect the rights of customers when carrying out state (municipal) procurement.

The agreement sets the requirements for banks authorized to issue bank guarantees for state (municipal) procurement, approaches to creating a list of such banks, as well as maintaining a register of bank guarantees.