Algeria signs Euro-Med agreement

26 April 2002

President Bouteflika on 22 April signed an association agreement as part of the Euro-Med pact, paving the way for deeper bilateral relations between Algeria and the EU. The agreement, which was also signed by Spanish Prime Minister Jose Maria Aznar, commits both sides to further trade liberalisation in a step towards establishing a free trade zone between the EU and Mediterranean countries by 2010. The EU has already signed similar accords with Tunisia, Jordan, Egypt, Israel, and Morocco.

Over the next 12 years, Algeria will be required to remove its import duties on EU products. The EU has agreed to immediate liberalisation for a number of Algerian farm products. Algeria already has duty and quota-free access to EU markets for its industrial exports. The partnership agreement will also enable Algeria to access further financial assistance from the European Commission.

'The EU will stand by Algeria in its transition and development of the economic reforms on which it has embarked,' Aznar said at the signing ceremony, which took place on the sidelines of the Euro-Med conference in Valencia on 22-23 April.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications