Amar Blani: Britain's exit from the EU will have a limited impact on Algeria

Algeria’s Ambassador to Belhium Amar Blani said the impact of Britain’s exit from the European Union will be “limited.” Algeria’s diplomatic representation in the European capital conducts a “comprehensive assessment of the decision made by Britons.”

“We conduct a comprehensive assessment of the decision repercussions on all levels. Yet, it is sure that the impact will be limited and will touch commercial exchanges only,” the Ambassador told Echorouk.

Algeria and the European Union has an association agreement for 10 years. Yet, the government “realized” that it was not in its favour and was not a win-win agreement. Algeria has become a bazar for goods coming from Europe. The European Union kept its position as Algeria’s most important partner in 2014. Algeria’s trade volume in 2014 reached $121.28 billion. Of them, $70.72 billion was exchanged with the European Union. Algeria’s imports from the European Union were estimated at $29.49 billion during the same period.

Algeria wanted to modify the agreement. Former trade minister Amara Benyounes said the association agreement between Algeria and the European Union did not achieve the planned goals which are mainly related to the promotion of Algerian exports out of hydrocarbons and the attraction of direct foreign investments.

According to the government, the agreement caused a structural dysfunction in the commercial balance out of hydrocarbons in favour of the European Union. European countries enhanced their imports share in the Algerian market with an annual average of about 52 percent.