Turkey wants preferential trade deal with Algeria

Turkey wants preferential trade deal with Algeria
Turkey wants preferential trade deal with Algeria

Algeria and Turkey want to deepen their economic partnership, at a time when Algerian-European trade relations are going through an area of ​​turbulence.

The visit to Algeria of the Turkish vice-president, Cevdet Yılmaz, was an opportunity to make important announcements in this direction. The two countries are expected to begin negotiating a preferential trade agreement soon.

Mr. Yılmaz arrived in Algiers yesterday, Sunday. This Monday, June 24, he attended the inauguration ceremony of the Algiers International Fair (FIA) by the President of the Republic Abdelmadjid Tebboune.

A sign of the political and economic understanding between Algiers and Ankara in recent years, Turkey is the guest of honor at this 55th edition of the FIA.

A total of 51 Turkish companies, institutions and exporting organizations are participating in the annual economic event in the Algerian capital.

Turkey wants to reach 10 billion dollars in trade with Algeria

The Turkish vice-president arrived in Algeria at the head of a large delegation of politicians and businessmen who took part this Monday morning in an Algerian-Turkish business forum.

Some 300 Algerian economic operators and 200 others from Turkey were present at the meeting, the opening of which was chaired by the Ministers of Commerce of the two countries, Tayeb Zitouni and Ömer Bolat.

Turkish companies have a strong presence in Algeria, some of which have made investments in major structuring projects, such as the Tosyali steel complex in Oran and the Tayal textile complex in Relizane.

Turkish investments in Algeria amount to $6 billion and trade between the two countries stood at just over $6 billion in 2023.

Algeria exported more than 3.5 billion dollars to this country, mainly hydrocarbons, and imported more than 2.5 billion worth of various goods.

Both countries aim to further increase this volume of trade. To increase it precisely to 10 billion dollars per year, indicated the Turkish Minister of Commerce in his intervention at the business forum on Monday. Algeria and Turkey move forward with determination » to achieve this objective, he assured.

The two countries are doing everything to promote the development of their economic partnership and their exchanges of all kinds. Last May, a bilateral agreement lifted restrictions on flights between the two countries, increasing their number from 35 to 80 per week.

Algeria – Türkiye: a preferential agreement in sight to boost trade

Ömer Bolat also took the opportunity to announce another “ good news ». « I would like to announce the good news that negotiations on the preferential trade agreement between the two countries will begin very soon “, did he declare.

The announcement comes as the association agreement between Algeria and the European Union is floundering. On June 14, the European Commission announced the launch of a procedure against Algeria because of the measures taken in recent years by the Algerian authorities to regulate imports and investments.

The preferential agreement between Algeria and Turkey was the subject of a declaration signed last November between the trade ministers of the two countries on the occasion of the Algeria-Turkey High Level Cooperation Council held in Algiers under the presidency of Presidents Abdelmadjid Tebboune and Recep Tayyip Erdoğan.

The conclusion of a preferential agreement should further boost Algerian-Turkish trade which stood at $6.3 billion in 2023, Mr. Bolat said.

A volume which continues to grow since an increase in trade of around 8% was noted during the first five months of 2024 compared to the same period last year, underlined the Turkish official. .

Türkiye: six billion dollars of investments in Algeria

He also highlighted his country’s investments in Algeria. Apart from the hydrocarbon sector, Turkish operators, with $6 billion in investments, are those who invest the most and create the most jobs in Algeria, he maintained, recalling that Turkish companies have started 636 projects in Algeria with a total value of $21.3 billion.

Among the sectors identified to boost mutual investment between the two countries are renewable energy, hydraulics, energy and mining and agricultural mechanization.

The Turkish minister highlighted his country’s advantages, citing its skilled workforce, stable investment environment and investment incentive system.

He also stressed that Algeria is not only Turkey’s gateway to Africa, but also its largest investment partner on the continent.

Turkey is ready to provide all kinds of support to Algerian investors, Minister Ömer Bolat pledged.

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