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Algeria resumes trade exchanges with Spain

The Bank of Algeria [Twitter]
The Bank of Algeria [Twitter]

Algeria resumed commercial operations with Spain after Algerian Banks Association announced the suspension of a decision that had frozen trade exchanges with Spain, Anadolu News Agency reports.

Banking institutions operating in Algeria received, late Thursday, a new directive stating that the decision to "stop any commercial operations with Madrid" has ended.

According to the document, the new decision came "after an evaluation of the previous decision and consultations with relevant actors in the field of foreign trade."

The Spanish newspaper, El Pais, on Friday, quoted a European diplomat in Algeria as saying that the decision will allow Spanish companies to resume export to Algeria.

READ: Algeria suspends cooperation treaty with Spain over shift in Western Sahara stance

On 9 June, the Algerian Banks Association issued directives to financial institutions to "freeze export and import operations to and from Spain and stop any bank domiciliation to conduct commercial operations with Madrid."

The decision came hours after the Algerian Presidency announced the suspension of the Treaty of Friendship and Cooperation with Spain signed on 8 October, 2002.

The Algerian move came in response to statements by Spanish Prime Minister, Pedro Sanchez, in which he reiterated his adherence to Morocco's decision of autonomy in the disputed Sahara region.

Algerian and Spanish media wrote that the decision had caused complete commercial paralysis between the two countries, except for gas exports.

According to figures from the Spanish Foreign Trade Institute, Spain's exports to Algeria in 2020 amounted to over $2.1 billion, while imports amounted to over $2.7 billion.

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