Why do the European Union and Algeria have economic common interests 2
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Nour Ben M'Barek
Friday 18 May 2018 Last update on Friday, May 18, 2018 At 2:28 PM

Algerian Foreign Minister Abdelkader Messahel and High Representative of the European Union for Foreign Affairs and Security Policy, Federica Mogherini, underlined the necessity to build a comprehensive partnership.

 

Abdelkader Messahel, Algerian Ministry of Foreign Affairs along with Federica Mogherini, High Representative of the European Union for Foreign Affairs and Security Policy.

Last Monday, the Association Council between the EU and Algeria held a new session in Brussels during which they reasserted their wishes to strengthen their partnership through “frank and open” dialogue.

Several issues were addressed during this session and particularly the economy based on energy or on the European importations.

Therefore, they adopted a new financial cooperation programme for next two years (2018-2020) named “unique support framework”. It defines what are the priorities of the bilateral technical and financial cooperation held under the European Neighborhood Instrument (ENI).

Moreover, a new agreement on the funding of the Agriculture Support Programme has been signed. The purpose of this text is to help Algeria diversify its economy which is too dependent on the oil sector.

Indeed, since 2014, oil prices are falling on the global marketplace because of the OPEP’s wishes to maintain low-prices to control the increasing competitiveness on American oil. This situation has badly impacted the Algerian economy and EU reiterated its support to help the country’s economic diversification in order to create a favourable environment for business and entrepreneurship.

Discover out our latest videos about the economic news in Algeria :

 

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