A transitional agreement, signed in October 1968, implemented a Spanish pre-independence decision to assist Equatorial Guinea and provided for the temporary maintenance of Spanish forces there. A dispute with President Macias in 1969 led to a request that all Spanish troops immediately depart, and a large number of civilians left at the same time. Diplomatic relations between the two countries were never broken but were suspended by Spain in March 1977 in the wake of renewed disputes. After Macias' fall in 1979, President Obiang asked for Spanish assistance, and since then, Spain has regained as place of influence in Equatorial Guinea. The two countries signed permanent agreements for economic and technical cooperation, private concessions, and trade relations. President Obiang made an official visit to Madrid in March 2001, and senior Spanish Foreign Ministry officials visited Malabo during 2001 as well. Spain maintained a bilateral assistance program in Equatorial Guinea. Most Equatoguineanopposition elements (including a purported government-in-exile) are based in Spain to the annoyance of the government of Malabo.

Equatorial Guinea has had generally cordial relations with its neighbors. It is member of the Central African Economic and Monetary Union (CEMAC), which includes Cameroon, Central African Republic, Chad, Congo/Brazzaville, and Gabon. Equatorial Guinea is also part of the central Africa CFA franc zone and the Cameroon-based Bank of Central African States coordinates monetary policy. The CFA franc is guaranteed by the Bank of France and French technical advisers work in the finance and planning ministries. France, Spain, Cuba, China have participated in infrastructure and technical development projects.

Equatorial Guinea has minor border disputes with Cameroon and Equatorial Guinea involving coastal areas which define off-shore territorial and affect ownership of potential future oil concession in the Gulf of Guinea. The majority Fang ethnic group of mainland Equatorial Guinea extends both north and south into the forests of Cameroon and Gabon. Cameroon exports some food products to Equatorial Guinea and imports oil from Equatorial Guinea for its refinery at nearby Limbe.

The development of the oil industry by U.S.-based companies and the lack of a well-trained work force have provided motivation for an influx of English-speaking workers (legal and illegal) from Cameroon, Nigeria and Ghana. Cameroon has criticized Equatorial Guinea about perceived mistreatment of Cameroonians working in Equatorial Guinea. Nigerian workers in Equatorial Guinea have also made similar complaints. However, relations with the Nigerian government have lately been cordial as the two countries delineated their offshore borders to facilitate development of nearby gas fields.

The government's official policy is one of nonalignment and it has been reluctant to fully integrate itself into CEMAC. In its search for assistance to meet the goal of national reconstruction, the Government of Equatorial Guinea has established diplomatic relations with numerous European and Third World Countries.