Algeria's trade relations with Spain: Algeria does not back down and will go to the end to defend its vital interests

Several hostile media, including Moroccan, have reported an alleged retreat of Algeria regarding its trade relations with Spain. According to the information we were able to obtain from the competent authorities, Algeria does not intend to review its position vis-à-vis Spain, as there has been no change on the causes that led Algeria to suspend the Treaty of Friendship and Good Neighborliness with Spain.

What remains astonishing is the lack of professionalism of several foreign and national media, which have taken a statement of the Association of Banks and Financial Institutions (ABEF), to produce completely crazy and inconsistent conclusions

What remains astonishing in this case, is the lack of professionalism of several foreign and national media, which have taken a statement of the Association of Banks and Financial Institutions (ABEF). The ABEF, to make conclusions completely far-fetched and inconsistent. It is common knowledge that only the Ministry of Finance or the Bank of Algeria are entitled to pronounce on financial and commercial issues that commit the Algerian state. Apart from these two bodies, no professional journalist can arrive at the conclusions that we have read in several press organs. Even the Spanish Minister of Defense and the sinister Spanish Minister of Foreign Affairs have been misled, and have welcomed the false Algerian retreat.

We have every reason to believe that some members of the ABEF have tried in an unintelligent way to force the hand of Algeria and put it in front of the fact-accomplished to resume trade relations with Spain. Indeed, the ABEF is an association of about thirty banks and financial institutions operating in Algeria, including a dozen foreign, including the two French banks: BNP Paribas and Société Générale. The financial stakes related to foreign trade are very important for foreign private banks, because the revenues generated by letters of credit and documentary credits represent more than 50% of the net banking product (NBI) of these banks. We hope that Algeria will shed full light on this matter, in order to understand how such a statement could be issued in the context of diplomatic crisis with Spain. 

Finally, the Algeria of Abdelmadjid Tebboune is not that of Bouteflika. The new Algeria is a strong Algeria that does not accept that one touches its vital interests: the Western Sahara is a question of national security for Algeria, our foreign partners must understand and integrate it. Any initiative contrary to international law and which harms our Sahrawi partners, will be perceived by Algeria as a hostile act, which will deserve a strong and incisive response.