Republic

President of Belarus Alexander Lukashenko has approved draft agreements with Russia and the EAEU member states on mutual recognition of bank guarantees in the implementation of state (municipal) procurement as a basis for negotiations. The Head of state signed the relevant decrees on July 5, BelTA learned from the Presidential press service.

These international agreements establish mechanisms for mutual recognition of bank guarantees in procurement, as well as define requirements for guarantors and bank guarantees.

The signing of the agreement with Russia will allow domestic enterprises to use Belarusian bank guarantees in this country, and the subsequent signing of an international agreement within the framework of the EAEU — in other member states. This will facilitate the access of Belarusian business entities to participate in procurement in foreign countries and reduce the cost of obtaining bank guarantees.

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