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Silk Road: Algeria Ratifies Memorandum of Understanding with China



A presidential decree ratifying the Memorandum of Understanding between Algeria and China on cooperation under the Silk Road Economic Belt and the 21st Century Maritime Silk Road Initiative been published in the last official journal.

Signed in Beijing in September 2018, between the Algerian and Chinese governments, this memorandum of understanding on cooperation under the initiative « Silk Road Economic Belt and the 21st Century Maritime Silk Road » defines the different aspects of bilateral cooperation under this initiative.

Through this agreement, the two countries « work to consolidate political relations, strengthen economic ties and intensify interpersonal exchange and cultural exchange, contributing to the achievement of common development goals ».

Algeria and China are also working to « build successful cooperation and sustainable development through the integrated potentials, opportunities and benefits offered by the economies of both countries ».

The two countries also work to « strengthen cooperation with the States participating in the initiative and consolidate their economic development achieving their progress », as well as « to strengthen mutual exchange and support, in line with the concept of the initiative » the belt and road « based on cooperation, development and mutual gain, through the full use of existing bilateral cooperation mechanisms and multilateral mechanisms that bind the parties ».