Algerian government reviews with local banks challenges of exports to Libya
Algerian Minister of Foreign Trade and Export Promotion, Kamel Rezig, chaired a coordination meeting with economic operators exporting to the Libyan market. The meeting was attended by the Governor of the Bank of Algeria, the Commissioner General of the Association of Banks and Financial Institutions, as well as several ministry officials and representatives of economic organizations.
According to the Algerian Ministry of Trade, the meeting served as an opportunity to exchange views on the field-level challenges faced by exporters to Libya and to explore ways to facilitate the flow of Algerian goods and services to this 'promising' market.
Rezig affirmed his ministry's commitment to supporting economic operators and removing obstacles, particularly in terms of logistical support, improving the regulatory framework, and securing transactions in cooperation with the financial and banking sector. He also stressed the importance of the Libyan market as a natural extension for Algerian exports and called for the establishment of long-term economic partnerships that go beyond simple trade exchanges.
Trade volume between Libya and Algeria saw a slight increase, with exchanges rising from about $31 million in 2018 to approximately $59 million in 2020, and around $65 million by 2021, of which $59 million represented Algerian exports to Libya.
However, this figure remains low compared to the countries' combined potential. This has prompted both governments to launch an ambitious plan aimed at increasing bilateral trade volume to around $3 billion annually. The plan includes facilitating land transport through the reopening of the Debdeb-Ghadames border crossing, boosting maritime transport, establishing a free trade zone, and enhancing banking cooperation.
Customs authorities have also held meetings to activate a customs cooperation agreement and revitalize operations at border crossings, with the goal of combating smuggling and facilitating the movement of goods along the 900-kilometer shared border. Tags: Algeria
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