The European Union announced today, Monday, the acceptance of Algeria’s request to review the partnership agreement between them, which entered into force in 2005 during the era of former Algerian President Abdelaziz Bou Taflika.
The Anatolia Agency reported that the announcement came by the European Union’s ambassador to Algeria, Diego Mayadou, during a meeting in Algiers to discuss the contribution of special economic areas to attracting investments between the two sides.
For years, Algeria has been calling for a review of the partnership agreement with the European Union, which it described as “unfair and unbalanced and caused great financial losses to it.”
And experts in Algeria estimated their country’s losses due to the partnership agreement with Brussels at more than 30 billion dollars.
The agreement that Algeria demanded to review stipulates the gradual dismantling of the customs definitions of goods and goods in both directions, but the Algerian (governmental and private) companies were unable to compete with its European counterparts, considering that the Algerian economy depends – in its majority – to export oil derivatives.
Algerian President Abdel Majid Taboun confirmed last January that the trend towards reviewing the partnership agreement between Algeria and the European Union “is imposed by realistic economic data” and “did not build” on the background of a dispute “, but rather in support of” good relations between Algeria and the European Union as an economic partner And according to the description of Tabun.
Reconciliation of relationships
For his part, European official Diego Mayadou pointed out in his speech that the relations between Algeria and the European Union are essential, explaining that during 2025 it will be a favorable opportunity to deepen and consolidate them on the basis of the principle of profit for all, and in proportion to the current challenges and strategic priorities of both parties.
The ambassador of the European Union in Algeria explained that “it is time to reconsider the partnership between the two parties 20 years after the partnership agreement entered into force.”
He added: “It is time to reconsider our partnership and consider our relations as a whole, especially in the context of the new charter for the Mediterranean.”
Mayadou stressed that Algeria can attract additional European investments and develop and facilitate inter -trade exchanges, with his hope that these measures will lead to enhancing economic integration between the two parties.
Maidao considered that Algeria’s direction towards diversifying its economy is legitimate.
Last January, Algerian President Abdel Majid Taboun held a meeting with a special committee, which he assigned to prepare proposals regarding the review of the partnership agreement with the European Union.
Algeria and the European Union are linked to the partnership agreement, a trade treaty signed in 2002, and entered into force on September 1, 2005.
