During the meeting of the Eurasian Economic Commission's Council held on August 29, the Deputy Heads of Government of the EAEU States signed an Agreement on mutual recognition of bank guarantees for public procurement.
The Agreement eliminates one of the restrictions in the EAEU internal market, i.e. the lack of mutual recognition of bank guarantees for public procurement in the Union countries.
The Agreement defines uniform requirements for banks whose guarantees will be recognized in other Union States for public procurement, approaches to compiling a list of such banks, and the procedure for maintaining a register of issued bank guarantees.
Along with that, the list of such banks and the register of bank guarantees will be maintained if provided for by the legislation of the Customer State.
“Therefore, a potential supplier from any EAEU State will be able to provide a customer of another Union country with a guarantee of its "home" bank, that meets the established criteria, and this guarantee must be accepted by the customer. If such criteria are not provided for by the legislation of the customer's country, then bank guarantees are freely recognized,” Bakhyt Sultanov, EEC Minister in charge of Competition and Antitrust Regulation, commented on the provisions of the Agreement.
Simultaneously with signing the Agreement, the Council approved the criteria to be met by the banks of the EAEU States issuing bank guarantees, as well as the procedure for information exchange by the authorized bodies on including and excluding banks from the list of guarantors.