This year's World Cotton Day, held for the first time on African soil, highlighted Benin's economic achievements under President Guillaume Athanase Talon's leadership. Director-General Okonjo-Iweala commended Benin for its robust economic performance and effective management.
Director-General Okonjo-Iweala stressed the significance of cotton to West and Central African economies, particularly in Benin, Burkina Faso, Chad, Mali, and Côte d'Ivoire—known as the Cotton4+ countries. These nations form Africa's largest cotton-producing region, generating over 1 million tons annually. This accounts for half of Africa's total output and 4% of global production.
West and Central Africa ranks as the third-largest cotton exporter after the United States and Brazil. The region significantly contributes to global trade growth from USD 8.2 billion in 2003 to USD 23 billion in 2022.
Despite African cotton's high quality and environmentally friendly nature, it faces challenges like market distortions and climate change. "Twenty years ago," DG Okonjo-Iweala said, "the Cotton4 countries made a call for action at the WTO against unfair trade practices in cotton." This led to regular meetings among WTO members to address trade and development aspects within the sector.
On cotton trade issues, she emphasized reducing subsidies amounting to USD 8 billion to level the playing field for developing countries. She noted that WTO members are committed to advancing negotiations toward this goal.
In terms of development progress, significant strides have been made in enhancing competitiveness within Cotton4 countries. “The African market for cotton alone is worth USD 12 billion,” she added. External opportunities such as sports apparel are also being explored with an expected value chain reaching USD 250 billion by 2026.
New initiatives led by WTO aim at unlocking African cotton's potential through public-private partnerships under the “Partenariat pour le Coton” initiative launched in February 2024. The initiative seeks sustainable transformation within Cotton4+ countries by fostering partnerships while moving up their value chains.
The baseline study estimated that attracting USD 12 billion investment over ten years could create half a million direct jobs focused on women and youth employment opportunities according to DG Okonjo-Iweala’s remarks during her speech at World Cotton Day event held recently across various platforms including regional textile hubs like Glo-Djigbe industrial park located inside Benin which plays crucial roles connecting local industries globally via international markets thus ensuring long-term viability beyond current levels seen today!
To facilitate necessary investments required throughout this process along with financial technical support provided through joint declarations signed between multiple organizations including Islamic Trade Finance Corporation (ITFC), Afreximbank among others mentioned earlier during presentation delivered before audience gathered together celebrating importance behind these efforts aimed towards achieving sustainable future ahead not only domestically but internationally too given scope involved here covering wide range sectors benefiting greatly if done correctly according statements made earlier part discussion surrounding topic itself bringing attention focus needed ensure success moving forward into coming years ahead further details available online via official website dedicated specifically hosting information related events taking place soon thereafter following conclusion ceremony itself marking end successful gathering attended many interested parties eager learn more about what lies next horizon awaiting them once everything falls neatly place without any unforeseen obstacles hindering progress anticipated result thereof based expectations set forth beforehand making sure everyone stays informed updated latest developments occurring real-time basis accessible anytime anywhere worldwide internet connectivity allows seamless integration data flow seamlessly across borders bridging gaps previously existed due lack communication channels open previously closed now opening doors wider than ever before possible thanks advances technology enabling us connect faster easier ways imaginable never thought conceivable prior advent digital age revolutionizing industry forever changing landscape entire globe simultaneously impacting lives countless individuals living planet Earth today tomorrow future generations come!