World Trade Organisation (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, has called for a reduction in the $8 billion subsidies on cotton to create a more level playing field for developing countries.
Speaking at the World Cotton Day 2024 in Cotonou, Benin Republic, Okonjo-Iweala emphasized the need to open up greater market access for African nations.
She noted that despite the high quality and environmentally-friendly production of African cotton, the sector is hampered by market distortions and climate change challenges.
Highlighting the economic significance of cotton in West and Central Africa, particularly for the Cotton4+ countries — Benin, Burkina Faso, Chad, Mali, and Côte d’Ivoire she pointed out that these nations collectively produce over one million tonnes of cotton annually, representing 50% of Africa’s total output.
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Okonjo-Iweala praised Benin’s economic success and commended its leadership for showcasing Africa’s growing cotton investment potential. She also underscored the role of the WTO in supporting the sector and urged stakeholders to improve conditions for cotton farmers while focusing on sustainable development.
She concluded by noting that African cotton remains a vital contributor to the global trade market, accounting for $12 billion of trade value annually.
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