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Algeria lifted the restrictions imposed on Spain for trading. This was announced by the professional association of Banks and Financial Establishments (ABEF) in Algeria on July 29. The President of the Algerian-Spanish Circle of Commerce and Industry welcomed this decision
Algeria lifted the restrictions imposed on Spain for trading. This was announced by the professional association of Banks and Financial Establishments (ABEF) in Algeria on July 29. The President of the Algerian-Spanish Circle of Commerce and Industry welcomed this decision. There was considerable pressure exerted by many Algerian companies to lift the restrictions since they had suffered from that action. Those companies that imported industrial and agri-food products suffered the most. Their bottom lines were affected by the knee-jerk action.
Since June 9, direct trade with Spain was restricted. Only gas supplies were allowed, leading to confusion among customs authorities. They have been asking the Algerian government to clarify how to apply such restrictions on non-Spanish products transiting through Spain or Spanish goods imported from non-European countries. The EU had also threatened Algiers with retaliatory measures and insisted on lifting the restrictions.
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Many feel the turnaround could be a sign of thawing relations between Algiers and Madrid. Long months of diplomatic tension prevailed on account of Spain’s decision to support Morocco’s autonomy plan for Western Sahara, an issue that did not go well with Algeria, whose approach towards Western Sahara, has been completely different from that of Morocco. Analysts say that the decision signals that trade imperatives assumed importance over differences in geopolitical issues.
