Lukashenko approved draft agreements with Russia and the EAEU on mutual recognition of bank guarantees in public procurement

President of Belarus Alexander Lukashenko approved as a basis for negotiations the draft agreements with Russia and the EAEU member states on the mutual recognition of bank guarantees in public (municipal) procurement. The head of state signed the corresponding decrees on July 5, BELTA was informed by the Press Service of the President.

These international treaties establish mechanisms for the mutual recognition of bank guarantees in procurement, and also define the requirements for guarantors and bank guarantees.

The signing of the agreement with Russia will allow domestic enterprises to use Belarusian bank guarantees in that country, and the subsequent signing of the international treaty within the EAEU will allow their use in other member states. This will facilitate the access of Belarusian economic entities to participate in procurement in foreign countries and reduce the costs of obtaining bank guarantees.

The Ministry of Antimonopoly Regulation and Trade and the National Bank are authorized to conduct negotiations on the draft agreements, and the Ministry of Antimonopoly Regulation and Trade is authorized to sign them upon reaching an agreement within the approved projects.

Source: belta.by