Juhanit explained, in a speech delivered at the Algerian-Russian Business Forum held today, Tuesday, in Algiers, that “trade relations between Algeria and Russia have witnessed significant progress supported by a firm political will and a growing strategic partnership.” He pointed out that the volume of trade exchanges doubled during the first ten months of 2024 to exceed $1.7 billion, within the framework of a shared ambition to reach $10 billion by the end of this decade.
In turn, the Chairman of the Algerian-Russian Business Council, Ahmed Azeemov, noted that the newly established council played an important role in enhancing economic cooperation by organizing reciprocal visits involving about 500 institutions from both countries, paving the way for future agreements to export Algerian products.
At the beginning of October, the Speaker of the Algerian People’s National Assembly (Parliament), Ibrahim Boughali, emphasized the importance of enhancing economic cooperation between his country and Russia and activating broader partnerships, including in the fields of industry, agriculture, and scientific and technical exchange.
In mid-June 2023, Russian President Vladimir Putin and Algerian President Abdelmadjid Tebboune held talks in Moscow and signed a joint declaration outlining several areas of bilateral cooperation between the two countries. The document package included a declaration on strengthening strategic cooperation between Russia and Algeria, which Putin said would “open a new, more advanced stage” in the bilateral relations between the two countries.
The presidents pledged in the declaration to develop direct communications between their national financial and banking institutions, enhance cooperation aimed at increasing reliance on national currencies in trade, and create banking channels for secure and independent cross-border transactions.
