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In general, this should facilitate the participation of the Armenian companies from the Republic of Armenia in the state and municipal procurements taking place in the EEU market. This was stated by the RA Deputy Minister of Finance Avag Avanesyan who presented the draft law on Ratifying the agreement on mutual recognition of bank guarantees during the implementation of state (municipal) procurements for debate at the regular sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs on February 19.

The Agreement regulates the relations concerning the mutual recognition of bank guarantees provided by member states for the purpose of state (municipal) procurement.

The implementation of the Agreement does not extend to the state (municipal) procurements, the information about which, in accordance with the legislation of the member states, constitutes a state secret, as well as to the purchases carried out by the national (central) banks of the member states.

The purpose of the Agreement is to ensure the unhindered participation of potential suppliers registered in the territory of the member state in the state (municipal) procurement held in the other member state, contributing to the promotion of the economic interests of the member states and the proper protection of the rights of the customers.

The Agreement was signed between the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.

The MPs inquired whether, after the adoption of the Agreement, the Armenian entities in the EEU countries can participate in state purchases, tenders or construction works with the guarantee of the RA banks, to which the Deputy Minister gave a positive answer. According to the Deputy Minister’s explanation, the guarantee given by the bank may not be accepted by the given country only if it does not meet the established requirements. For example, if the capital of the given bank is below 50 million USD or the given bank is on the black list, etc.

The Committee endorsed the draft law. It will be proposed to be included in the draft agenda of the upcoming NA regular sittings.

At the suggestion of the author, the vote on the draft law on Making Amendments and Addenda to the Law on the Audit Chamber authored by the MPs Gevorg Papoyan, Arusyak Manavazyan, Narek Grigoryan and Edgar Hakobyan was postponed, with the attached legislative package.