According to kapital.kz, Kazakhstan’s Kurultai has passed in two readings a law ratifying a protocol amending the Treaty on the Eurasian Economic Union, establishing the mutual recognition of bank guarantees in public procurement across EAEU member states.
The protocol contains 30 amendments covering the internal market, public procurement, technical regulation, trade in services, competition, electric power, and transport. The provision on the mutual recognition of bank guarantees was introduced on Kazakhstan’s initiative and will allow Kazakhstani entrepreneurs to bid in other member states’ procurement tenders using guarantees issued by Kazakhstani banks instead of local ones.
The protocol also clarifies the powers of the Eurasian Economic Commission to identify and remove barriers within the EAEU internal market and refines mechanisms for technical regulation, competition, and the operation of the common electricity market.