The professional association of banks and financial institutions of Algeria announced the lifting of restrictions on commercial relations with Spain, which were introduced in early June, a few hours after the suspension of the friendship treaty with Madrid.
The announcement was made in French in a document released by the foundation on July 28 and published by local media.
The “Professional Association of Banks and Financial Institutions” said in a note addressed to the directors of banks and financial institutions: “Precautionary measures – freezing foreign trade in goods and services to and from Spain – are no longer in effect” from Thursday.
No statements on this subject were made either from the President of Algeria or from the government.
The Association noted that this decision was made following the completion of the process of evaluating the mechanism that was put in place after the introduction of the restrictions and after consultations with relevant entities.
The restrictions were imposed after Algeria suspended the “Treaty of Friendship, Good Neighborliness and Cooperation” it concluded with Spain in 2002 on June 8 after Madrid changed its position on Western Sahara.
On the same day, the “Professional Association of Banks and Financial Institutions” in Algiers asked its members to ban trade in goods and services in and out of Spain.
The European Union has warned Algeria of the consequences of the trade restrictions it has imposed on Spain, believing that they constitute “a violation of the association agreement between the European Union and Algeria, especially in the area of trade and investment.”
Algeria’s mission to the European Union denied the veracity of this information, saying in a statement that “with regard to the government’s alleged measures to end ongoing operations with the European partner, they exist only in the minds of those who claim it and those who hasten to denounce it.”
In late June, the Spanish government accused Algeria of a near-total halt to bilateral trade exchanges, with the exception of gas, contradicting Algeria’s denial.
In 2021, Spain exported 1.88 billion euros worth of products to Algeria and imported 4.7 billion euros of them, knowing that products from the energy sector make up the vast majority (over 90%) of what Madrid imports from Algeria, especially gas, according to the Spanish government.