Algerian President Abdelmajid Tebboune Breaks Silence on BRICS and EU Relations
Algerian President Abdelmajid Tebboune has made his first media appearance since his re-election, granting a lengthy interview that sheds light on two key points of interest.
Algeria's Shift in Focus from BRICS Membership to BRICS Bank
The first notable point is that Algeria's enthusiasm for joining the BRICS (Brazil, Russia, India, China, and South Africa) bloc has waned following last year's rejection of its membership bid. Instead, the country is now focusing on joining the BRICS bank, with an expected contribution value of $1.5 billion to be made in installments.
Revision of Algeria-EU Association Agreement
The second key point concerns the upcoming revision of the association agreement between Algeria and the European Union, set to begin in 2025. The two partners signed the agreement in Spain in April 2002, which came into effect in September 2005. This agreement provides a suitable framework for dialogue, with the EU having become Algeria's largest trading partner, with annual commercial exchanges nearing $50 billion.
Algerian authorities believe that the country has undergone significant changes since the agreement was first concluded, transforming from a simple importer to a nation with substantial industrial capabilities. The revision of the agreement is expected to help Algeria find new common ground and transition to a free-trade model.
This development is likely to create a significant competitor for Tunisia in the years to come. Algeria's competitiveness, particularly in terms of energy costs, will require Tunisia to prepare and work diligently to improve its own model.
