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Algeria’s trade relations with Spain: no way back in State’s position

The allegations which are being currently circulated by some media outlets about Algeria’s return in its position about its trade relations with Spain are groundless, because no official news has been issued in this regard by the competent authorities or bodies.

The decisions related to financial and commercial state obligations are taken at the Council of Ministers, or by the Ministry of Finance or the Bank of Algeria and are announced through official channels.

Indeed, the decisions related to financial and economic issues, especially those related to Algeria’s relations with its trading partners, fall within the exclusive powers of the state, and not the prerogative of professional organizations such as the Association of Banks and Financial Institutions.

The Association of Banks and Financial Institutions mentioned by these media outlets cannot replace the state institutions in charge of finance, economy and foreign trade, as it is just an association of a professional nature that defends the interests of its members.

The aforementioned association is made up of 30 banks and financial institutions operating in Algeria, ten of which are foreign, including two French banks namely,  BNP Paribas and Société Générale.

Its main mission is to represent the collective interests of its members towards others, especially with the public authorities and the Bank of Algeria, which is the authority which controls banking activity.

It’s worth recalling that on June 8, Algeria decided to “immediately” suspend the Treaty of Friendship, Good Neighborliness and Cooperation concluded on October 8, 2002 with the Kingdom of Spain.

This sovereign decision sparked “hasty” and “uninstitutionalized” statements issued on behalf of the European Union.

The Ministry of Foreign Affairs and the National Community Abroad expressed in a statement that “those hasty and biased statements which highlight the inappropriate nature of their content, as it is a political dispute of a bilateral nature with a European country, and has no effect on Algeria’s commitments towards the European Union and therefore does not require any European consultation to solicit a collective response.”

In its statement, the ministry affirmed that “it should be recalled in this context that the decision to suspend the Algerian-Spanish Treaty of Friendship, Good Neighborliness and Cooperation responds to legitimate considerations, primarily due to the partner’s failure to fulfill the obligations and basic values ​​stipulated in this treaty, as it took the responsibility of emptying this instrument of its essence and questioning its importance in the existing relations between the two parties to the said treaty.”

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