Armenia to join EEU agreement opening common government procurement markets for businesses
The government of Armenia decided today to sign an agreement on mutual recognition of bank guarantees in governmentnbsp;nbsp;and municipal procurement tenders announced across the Eurasian Economic Union #40;EEU#41;. br /
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YEREVAN, December 7. /ARKA/. The government of Armenia decided today to sign an agreement on mutual recognition of bank guarantees in government and municipal procurement tenders announced across the Eurasian Economic Union (EEU).
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Creation of a common market of government procurement is part of an action plan on strategic directions of economic integration of the EEU member countries until 2025, adopted back in April 2021.
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The legislation of the EEU member states stipulates that participants of government tenders should provide bank guarantees against non-fulfillment of contracts or delivery of goods.
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However, the problem is that the EEU countries do not recognize guarantees issued by each other's banks, thus blocking the establishment of a common public procurement market.
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By signing the agreement, Armenia undertakes to recognize the guarantees of the banks of the EEU member states (Belarus, Kazakhstan, Kyrgyzstan and Russia).
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Thus, not only Armenian companies, but also companies from other EEU countries will be eligible to participate in local tenders. Armenian business, receiving guarantees from local banks, will be able to apply for participation in tenders held in other e EEU member countries. The agreement is to be ratified by the National Assembly of Armenia. --0--br
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