Kazakhstan ratifies agreement on mutual recognition of bank guarantees in EAEU

Head of State Kassym-Jomart Tokayev has signed the Law of the Republic of Kazakhstan ratifying the agreement on mutual recognition of bank guarantees for public (municipal) procurement, Kazinform News Agency reports. 

As was earlier informed, the goal of the law is to create legal framework for mutual recognition of bank guarantees between the Eurasian Economic Union member states, which will enable to simplify and facilitate the participation of suppliers in public procurement in the territory of other EAEU member states.

The objectives of the law are to ensure the implementation of the Agreement signed between the EAEU member states, through the creation of legal norms, which will let ensure use of bank guarantees, issued by the resident banks to participate in the public procurement of other EAEU member state. The law also defines the requirements for the banks which may issue such guarantees as well as the mechanisms of introducing the register of bank guarantees, reads the statement.

The text of the law is to be published in the press.