Kazakhstan has ratified the Agreement on Mutual Recognition of Bank Guarantees within the EAEU, El.kz reports citing the press service of the Kazakh Ministry of Trade and Integration.
On January 24, 2025, the Head of State signed the Law of the Republic of Kazakhstan "On Ratification of the Agreement on Mutual Recognition of Bank Guarantees in the Implementation of State (Municipal) Procurement".
The agreement establishes mutual recognition of bank guarantees, which will increase the opportunities for the participation of suppliers of the Member States in public procurement of other EAEU countries.
- Now entrepreneurs of Kazakhstan will be able to participate in public procurement of the EAEU countries with bank guarantees issued by Kazakh financial institutions, on equal terms in the EAEU member states. This will reduce the need for national enterprises to issue new bank guarantees in other EAEU countries, the report says.
It should be noted that the public procurement market of the EAEU member states is estimated at more than USD 100 bln. The adoption of this Agreement removes the restriction for national enterprises. The procedure for ratifying the Agreement has been completed in all EAEU member states.