Tokayev signed a decree on the recognition of bank guarantees for public procurement in the EAEU

Tokayev signed a decree on the recognition of bank guarantees for public procurement in the EAEU

ASTANA, August 28 - Sputnik. President Kassym-Jomart Tokayev signed a decree on signing an agreement on mutual recognition of bank guarantees in public procurement.

"To approve the attached draft Agreement on the mutual recognition of bank guarantees in the implementation of state (municipal) procurement," the document says.

The document provides for mutual recognition of bank guarantees issued by guarantors registered in the territory of the Principal* Member State for the purposes of public (municipal) procurement carried out by the beneficiary of another Member State.

Why is mutual recognition of bank guarantees necessary?
The agreement, explained earlier in the Ministry of Trade, will increase the mutual participation of suppliers of the Member States in public procurement of the EAEU countries.

“Today, in some Member States, obstacles remain to the recognition of bank guarantees issued by banks of other Member States. For example, in Russian public procurement, a bank guarantee of banks rated only by Russian rating agencies is accepted as security for an application for participation and enforcement of a contract. and included in a special list of banks," the agency explained.

Thus, the document allows you to remove the existing restrictions on the mutual recognition of bank guarantees in public procurement.

*Principal - a potential supplier or a supplier who has been provided with a bank guarantee.