Equatorial Guinea has had generally cordial relations with its neighbors. It is a 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 Bank of France guarantees the CFA franc, and French technical advisers work in the finance and planning ministries. France, Spain, Cuba, and China have participated in infrastructure and technical development projects.

Equatorial Guinea had a minor border dispute with Cameroon that was resolved by the International Court of Justice in 2002. The Corisco border dispute with Gabon was solved by an agreement signed with the help of UN mediation in January 2004, but the small island of Mbane and potentially oil-rich waters surrounding it remain contested. 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. (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.) Roundups and expulsion of foreigners following the March 2004 coup attempt revived tensions between these neighbors.

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.