(MENAFN) In recent remarks, Tayeb Zitouni, Algeria's Minister of Trade and Export Promotion, affirmed the country's commitment to achieving a harmonious equilibrium between imports and local production while maintaining openness to necessary imports. Speaking at the 55th session of the Algiers International Fair, Minister Zitouni elaborated on Algeria's approach to imports, emphasizing a policy of rationalization rather than outright restriction, tailored to meet the domestic market's needs.

Minister Zitouni highlighted Algeria's reliance on imports for products not manufactured locally, with annual import volumes totaling USD45 billion, a substantial portion—over USD22 billion—coming from the European Union. Despite this dependency, Algeria has made significant strides towards self-sufficiency, notably achieving self-reliance in wheat production this year. This achievement not only reduces the import expenditure on wheat but also strengthens the local economy while ensuring essential imports continue unhindered.

Underpinning Algeria's economic strategy is its assertion of economic sovereignty, navigating international relations effectively through bilateral, regional, and global economic partnerships. Zitouni underscored that Algeria's policy of rationalizing imports and safeguarding local production serves as a model for other nations, akin to practices observed in major global economies such as the United States, China, and the European Union.

Algeria's proactive stance reflects its commitment to bolstering economic resilience by enhancing domestic production capabilities while maintaining crucial international trade relationships. By prioritizing self-sufficiency and strategic import management, Algeria aims to navigate global economic dynamics adeptly, ensuring sustainable economic growth and stability.

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