On January 24, 2025, the President of Kazakhstan signed the Law of the Republic of Kazakhstan "On the Ratification of the Agreement on the Mutual Recognition of Bank Guarantees in Public (Municipal) Procurement."

The Agreement establishes mutual recognition of bank guarantees, which will increase the opportunities for suppliers from the EAEU member states to participate in public procurement in other EAEU countries.

Kazakhstani entrepreneurs will now be able to participate in public procurement in EAEU countries with bank guarantees issued by Kazakhstani financial institutions, on equal terms with those in other EAEU member states.

This will reduce the need for national enterprises to arrange new bank guarantees in other EAEU countries.

It is important to note that the public procurement market of the EAEU member states is estimated at over $100 billion USD. The adoption of this Agreement removes the restrictions for national enterprises.

The ratification procedure of the Agreement has been completed in all EAEU member states.