WT/TPR/S/27 Trade Policy Review
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II. TRADE POLICY AND INVESTMENT POLICY
(1) Constitutional framework
1. Benin hasbeenasovereign andindependent republic since 1August 1960. Itbecame the
People 'sRepublic ofBenin in1975, thentheRepublic ofBenin on1March 1990, anditsconstitutional
andpolitical development hasbeenturbulent. Under itspresent Constitution, which dates from1990,
Benin isapluralist democracy. ThePresident oftheRepublic istheHead ofState, elected bydirect
universal suffrage foratermoffiveyears renewable onlyonce. Executive power isvested inthe
President, whodecides andconducts theaffairs ofState. Heappoints themembers oftheGovernment
anddetermines theirpowers andfunctions.
2. Aunicameral National Assembly exercises legislative power andcontrols theactivities ofthe
Government. Deputies areelected bydirect universal suffrage forfouryears andmaybere-elected.
TheNational Assembly votes thelaws, including financial lawssetting theGovernment 'sincome and
expenditure targets. Tocarry outitsprogramme, theGovernment mayrequest theNational Assembly
toadopt alawauthorizing ittotakemeasures normally coming within thepurview oftheLegislature,
byOrdinance andforaspecified period. Suchauthorization canbegranted onlybyatwo-thirds majority
ofthemembers oftheNational Assembly. Ordinances areadopted bytheCouncil ofMinisters after
receiving theopinion oftheConstitutional Court.1They takeeffect uponpublication, butlapse ifthe
draftoftheratification lawisnotadopted bytheAssembly.
3. TheSupreme Court isthehighest court inadministrative andjudicial matters andinregard
toGovernment accounts. Itsdecisions concerning theinterpretation ofthelawarenotsubject toappeal.
They arebinding ontheExecutive, theLegislature, andonallcourts. TheSupreme Court maybe
consulted bytheGovernment onalladministrative andjurisdictional matters. Attherequest ofthe
Head ofState, itmaybeentrusted withdrafting andamending alllawsandregulations before they
areexamined bytheNational Assembly. There arenocourts specializing intrade disputes. These
fallwithin thejurisdiction oftheSupreme Court ascourt oflastresort.
4. TheExecutive negotiates andratifies international treaties andagreements. However, treaties
oragreementsconcerninginternationalorganizations,thosecommittingpublicfundsandthoseamending
domestic lawsmayberatified onlybymeans ofalaw. Once published, treaties andagreements that
havebeenratified takeprecedence overlaws.
(2) Formulation andimplementation oftrade policy andinvestment policy
5. TheMinistry ofTrade, Handicrafts andTourism isresponsible fordevising, implementing
andadministrating trade policy. Once drawn upbytheMinistry, lawsaresubmitted forexamination
andapproval bytheLegislature. Inaddition, theMinistry ofFinance (Directorate-General ofDuties
andIndirect Taxes) andtheMinistry ofPlanning, Economic Restructuring andEmployment Promotion
(Directorate ofInvestment Promotion) takepartintheformulation andimplementation oftrade and
investment policies.
6. TheMinistry ofTrade, Handicrafts andTourism alsosupervises institutions involved inthe
administration oftradepolicy. These include mainly theChamber ofCommerce andIndustry ofBenin
1TheConstitutionalCourtisthecountry'shighestcourtinconstitutionalmatters.Itjudgestheconstitutionality
oflaws, andistheauthority thatregulates thefunctioning ofinstitutions andtheactivities ofthepublic authorities
(Article 114oftheConstitution).Republic ofBenin WT/TPR/S/27
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(CCIB), theBeninese Foreign Trade Centre (CBCE) andtheHandicrafts Promotion Centre.2TheCCIB
isapublic, financially independent legalentity whose purpose istorepresent andpromote theinterests
ofeconomic operators inthespheres ofindustry, tradeandother services. Itmaymake representations
totheGovernment regarding ways ofimproving trade andindustrial legislation, including customs
tariffs andprice regulation. Allenterprises established inBenin must beregistered withtheCCIB.
7. TheBeninese Foreign Trade Centre aimstoencourage exports, andiscurrently seeking to
develop newagricultural exports inaddition tocotton andpineapples. Themeans being usedaremodest
andconsist mainly ofinforming economic operators astoexport products andmarkets. TheCBCE
coordinates these promotional activities withthose oftheMinistry ofRural Development. Itisalso
working toenable exporters tobenefit from thevarious existing trade liberalization schemes (e.g.
ECOWAS, WAEMU, theLomé Convention, Generalized System ofPreferences (GSP)).
8. TheEconomic andSocial Council isanother bodyforcoordination between theprivate sector
andtheGovernment. Under theConstitution, itgives itsopinion ondraftlaws, ordinances ordecrees
thataresubmitted toit,butonitsowninitiative, mayalsodrawtheattention oftheNational Assembly
andoftheGovernment toeconomic andsocial reforms thatitmaydeem tobenecessary orcontrary
tothepublic interest.
9. TheGovernment doesnotseektheadvice ofacademic orother research institutions indrawing
upormodifying trade policy.
(3) Trade andinvestment policy objectives
10. BreakingwiththeMarxist-Leninistmodelappliedupto1990,thepresentGovernmentisbanking
onrevitalizing theprivate sector astheengine ofeconomic growth. Themain trade andinvestment
policy objective istoencourage investment inBenin andtokeepopenthedomestic andforeign markets
onwhich mostincomes inBenin depend. Tothatend,theGovernment introduced domestic political
reforms andbegan toliberalize itstradepolicy in1990. Inparticular, theauthorities either privatized
orwound upmoststateenterprises, andthemonopoly ontrade inagricultural products waspartially
dismantled. Most price control measures havebeeneliminated. Adraftlawoncompetition isnow
being studied, asisareview oflawsoninvestment.
11. According totheauthorities, improving theindustrial infrastructure isanessential component
ofthecurrent programme torevitalize theprivate sector. Thecreation ofanindustrial freezoneand
theopening ofacentre forcorporate formalities (single window) arebutsome oftheprojects inthis
regard. Improving thelegalandjudicial environment andstrengthening institutional capacities and
human resources areamong thestated objectives oftheGovernment, which hasalsoformulated aproject
forthecreation ofaFund forEconomic Promotion. Theresponsibilities ofthisFund would include
therefinancing ofbank loans topromoters ofsmall andmedium enterprises (SMEs) andmicro-
enterprises; assistance toSMEs infinancing feasibility andmanagement studies; guaranteeing bank
loans toSMEs; andeasing conditions governing loans toSMEs.
12. Attachment totheprinciple ofregional integration ismentioned inthepreamble tothe
Constitution. With respect totrade, Benin wishes tousethedifferent agreements currently inforce
(seebelow) toincrease regional trade byfacilitating freeaccess forgoods, services andpersons to
integrated regional markets. Theauthorities havenoted, however, thatthere havebeenshortcomings
intheimplementation oftheprinciple offreecirculation contained inthese agreements.
2Some government-run companies arealsounder theauthority oftheMinistry, suchastheNational Company
fortheMarketing ofPetroleum Products (SONACOP), andgovernment-run tourist andhotel establishments.WT/TPR/S/27 Trade Policy Review
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13. AsaGATT contracting party since1963andnowaMember oftheWorld Trade Organization,
Benin hopes thattheAgreement ontheWTO willprovide newopenings foritsexports andincrease
theflowofforeign investment tothecountry.
(4) Trade andinvestment lawsandregulations
14. Aware oftheneedtoadapt theinstitutional framework tothenewliberal political orientation,
theGovernment isattempting toenact trade legislation tofoster private investment andbusiness,
especially attheinternational level. Insome cases, trade liberalization under waysince 1990 hasnot
beenfollowed bytheappropriate legislative changes. Thus forexample, some sectors inwhich the
Government ispurportedly seeking toattract private investment, andespecially foreign investment,
aregoverned bya1992lawondenationalization, which excludes theprivatization ofthose samesectors,
defined asstrategic (seeChapter IV(4)(i)).
(i) Trade legislation
15. Several lawshavebeenenacted since 1990 updating legislation onforeign trade andforeign
companies.3Thebulkofcompany law,however, datesbacktothelastcentury ortothe1920s. Thus,
Beninese lawprovides foronlyfivetypes ofbusiness association: limited partnerships (Sociétés en
commandite simple) ,general partnerships (Sociétés ennomcollectif) ,joint-stock companies (Sociétés
encommandite paractions) ,public limited companies (Sociétés anonymes, S.A.) andlimited liability
companies (Sociétés àresponsabilité limitée, SARL), thelastofthese being themostcommon owing
tothespeed withwhich theycanbesetupandtheirflexibility. Beninese lawdoesnotallow formany
modern forms ofassociation suchaseconomic interest groupings, non-trading realestate investment
companies orprofessional firms, andagricultural enterprises andgroupings. Ithasnoprovisions
concerning mergers, splits orgrouping ofcompanies. Many enterprises areformed anddeveloped
intheinformal sector. According totheauthorities, theimminent introduction ofthesingle window
willsimplify theprocedure andreduce thetimerequired tosetupacompany.
16. Thelawofcontracts isderived from theCivil Code. Inpractice, itwould seem thatmost
transactions takeplace orally. Trade disputes aresettled much more frequently outofcourt thanby
judicial means because oftheslowness andcostofjudicial procedures, theabsence ofemergency
procedures (e.g.interim relief) andthelackofjudges qualified intrade law. There isnotrade court
orarbitration court.4Similarly, bankruptcy proceedings hadvirtually notbeenuseduntilthefailure
ofGovernment banks in1988-1989.
17. Theoutdatedness ofthejudicial system isamajor obstacle tothedevelopment oftheprivate
sector, especially because ofitssluggishness andbecause ofitsfailure toenforce judicial decisions.
Theprincipal constraints identified include theinsufficient number ofjudges, lackofexpertise intrade
disputes andthecomplexity ofcivilandcriminal procedures. Improving thejudicial framework is
oneofthemain thrusts oftheProject inSupport ofPrivate Sector Development, being carried out
incoordination withtheWorld Bank.
3Inparticular,LawNo.90-005of15May1990layingdowntheconditionsforengagingintradeintheRepublic
ofBenin; Decree No.90-141 of29June1990 defining theprofession ofimporter intheRepublic ofBenin;
Decree No.90-273 of28September 1990 laying down theconditions governing theobtention, validity anduse
ofaprofessional trader 'slicence; andLawNo.93-007 of29March 1993 amending LawNo.90-005.
4National Economic Conference, 9-14 December 1996, Workshop No.4.Republic ofBenin WT/TPR/S/27
Page 21
18. Another aspect oftheinstitutional framework thatcould hamper thecreation ofenterprises
istheinflexibility ofthelawinregard tohiring andfiring. However, anamendment ofthelegislation
isreportedly planned inconnection withthenewInvestment Code, which hasnotbeenavailable to
theSecretariat.
(ii) Investment Code
19. TheInvestment Code currently inforce dates backto1990. Itwasinstituted inorder to
encourage private investment, andprescribes theequal rights andobligations forBeninese andforeign
stateandprivate enterprises. Italsoguarantees freedom ofmovement forexpatriate economic agents,
freedom oftradeandfreedom torepatriate capital, andprohibits anyformofnationalization. Byvirtue
ofOrdinance No.73-11 of7February 1973, industrial andcommercial companies wishing toestablish
themselves inBenin must domicile theirregistered office there andkeeptheirbooks ofaccount in
accordance withtheaccounting rulesinforce. Benin hasforwarded nocommunication totheCommittee
onTrade-Related Investment Measures. AsfarastheSecretariat isaware, Benin isnotimplementing
anysuchmeasures.
20. The1990 Code provides forthree preferential regimes, A,BandC,aspecial regime, and
anordinary lawregime. Anyenterprise fromwhatever sector, newly created orpreviously established
inBenin (case ofextension), which isofparticular interest orimportance infulfilling theobjectives
oftheNational Economic andSocial Development Planiseligible forinclusion inoneoftheseregimes.5
Theregimes grant fulltaxexemption onindustrial andcommercial profits (BIC), andawaiver ofexport
duties andtaxes forfive,seven ornineyears, depending onthezoneinwhich theenterprises are
established.6Companies investing more thanCFAF 3billion (Cregime, known asthe"fiscal
stabilization" regime) areexempted from alltaxes forthesame periods, renewable inmost cases.7
These exemptions canmean substantial advantages forthecompanies enjoying them.
21. Thespecial regime isaccorded toenterprises providing services inthefields ofhealth, education
andpublic works, andtocottage industries. Itgrants certain tariff reductions, but(inprinciple) does
notentail taxexemptions. Inpractice, thisdifference between thetworegimes could create distortions
bydiscouraging investment insectors asvitalashealth andeducation.
22. According toastudy onthecompetitiveness oftheeconomy, thetaxation provided forunder
theordinary lawregime isfairly lowandthese taxexemptions represent aconsiderable lossofincome
totheTreasury. They favour big,often foreign companies, whose profitability islargely independent
oftaxconditions.8Most ofthecompanies setupinBenin infactnegotiate virtually permanent tariff
5Article 15.However, activities involving purchase forresale inthesame state, activities thatdonotentail
customs reclassification andactivities withaparticularly harmful impact ontheenvironment arenoteligible.
6Under theInvestment Code, thenational territory hasbeen divided intothree zones inwhich theduration
oftheadvantages provided forunder theCode varies depending onthedistance from thecapital andother urban
centres:fiveyearsforinvestmentmadewithinaperimeterof25km.aroundCotonou;sevenyearsforinvestments
intheurban circumscriptions ofPorto-Novo, Parakou, Abomey andBohicon; andnineyears fortheremainder
oftheterritory.
7Anycompany applying forpreferential treatment under these regimes undertakes, inter alia,togenerate
atleast50percentvalue-added through itsactivities; toassign atleast60percentofthepayroll tonationals;
toconform totheapplicable national orinternational quality standards; andtopreserve ecological conditions,
particularly theenvironment.
8Société françaisedeconseil endéveloppement (1994).WT/TPR/S/27 Trade Policy Review
Page 22
andtaxwaivers withtheauthorities outside theframework oftheCode. Theauthorities taketheview
thatthecompanies operating onthatbasisatleastgenerate jobseveniftheydonotcontribute topublic
revenue.
23. Arevision hasbeenmade ofthepresent Investment Code andshould come intoeffect in1998
intheform ofanInvestment Code common toWAEMU countries. Therevision proved necessary
because many ofthelegalprovisions oninvestment werenotinlinewiththecurrent policy ofpromoting
Benin asaplace ofinvestment. However, inrevising theInvestment Code, theGovernment decided
toretain thecustoms andtaxadvantages builtintothepresent Code.
(5) Trade andinvestment agreements andarrangements
(i) Multilateral agreements
24. AGATT contracting party since 1963, theGovernment oftheRepublic ofBenin, upon
authorizationbytheNationalAssembly(DecreeNo.95-241of5September1995),ratifiedtheAgreement
EstablishingtheWorldTradeOrganization.BeninbecameaMemberoftheWTOon22February1996.
Table II.1gives anoverview ofnotifications made pursuant totheresults oftheUruguay Round.
According totheauthorities, noamendment iscurrently necessary tobring Benin 'slawsintolinewith
theprovisions oftheWTO Agreement. Anyfuture legislative changes willbeinkeeping withBenin 's
rights andduties asamember ofthegroup ofleastdeveloped countries. Asaninternational agreement,
theAgreement Establishing theWTO andtherules andobligations therein maybeinvoked directly
before thecourts inBenin.
Table II.1
Major notifications, commitments andconcessions within theframework ofimplementation oftheWTO Agreements, April 1997
Agreement Notification
General Agreement onTariffs andTrade 1994 Schedule ofconcessions onmarket access submitted on
15April 1994 (Schedule XLVIII)
General Agreement onTrade inServices Communication ofBenin 'sSchedule ofSpecific Commitments
(GATS, document GATS/SC/11, 15April 1994) andexceptions
toArticle II(MFN) (GATS, document GATS/EL/11 of
15April 1994)
Agreement onAgriculture Supporting table relating tocommitments onagricultural
products (WTO document G/AG/AGST/Vol.1, 22March 1995)
Agreement onPreshipment Inspection Laws and regulations onpreshipment inspection (WTO
document G/PSI/N/1/Add.5, 3February 1997)
Agreement onImport Licensing Procedures Absence ofanimport licensing regime (WTO document
G/LIC/N/1/BEN/1, 10February 1997)
Agreement onSubsidies andCountervailing Measures Absence ofmeasures under theAgreement (WTO document
G/SCM/N/1/BEN/1, 13January 1997)
Agreement onTechnical Barriers toTrade National enquiry point (WTO document G/TBT/ENQ/S,
29April 1996)
Agreement ontheApplication ofSanitary andPhytosanitary
MeasuresLegislation onfertilizers (WTO document G/SPS/N/BEN/1-4)
Source: WTO Secretariat.
25. Benin isamember oftheUnited Nations andseveral othermultilateral organizations concerned
withtrade andfinancial matters, suchasUNCTAD, theInternational Monetary Fund andtheWorld
Bank. Asamember oftheAfrican Coffee Organization itparticipates indecisions binding thatbody
totheInternational Coffee Organization.Republic ofBenin WT/TPR/S/27
Page 23
(ii) Bilateral andregional agreements
26. TheGovernment hassaidthatitadvocates regional economic integration asmeans ofexpanding
themarket forBenin 'sproducts andstrengthening thecompetitiveness ofitsenterprises. Benin was
afounding member ofthenowdefunct WestAfrican Economic Community (CEAO) andisafounding
member ofECOWAS.9Ithasespoused theideaofcreating aregional common market, asingle currency
andacustoms union within theWAEMU.10
(a) ECOWAS
27. TheECOWAS tradeliberalization scheme hastwomainaspects: theelimination, asof1994,
ofallnon-tariff barriers, thatis,licences, quotas, prohibitions andother administrative barriers, in
respect ofallproducts originating within ECOWAS; andagradual reduction ofimport tariffs
(progressive andfullelimination oftariffbarriers). Itdistinguishes between localproducts, handicrafts
andmanufactured goods. Since 1January 1990, localproducts andtraditional handicrafts must be
permitted tocirculate freeofimport dutyiftheyappear onthelistofproducts established bythe
Community andareaccompanied byacertificate oforigin issued bythecompetent authority designated
bytheexporting member country.
28. Finished manufactured goods originating within theCommunity aresubject totariffreductions
based onsuchcriteria asthelevel ofindustrial development ofeachcountry andthetransportation
problems affecting island andland-locked countries.11Therulesoforigin aresimilar tothose inforce
within theWAEMU (seebelow). Moreover, thegoods mustbeadmitted under theliberalization scheme
adopted bytheCouncil ofMinisters ofECOWAS. InBenin, approval isgranted through theMinistry
ofFinance.
(b) WAEMU
29. TheTreaty establishing theWAEMU wasratified bythecountries members oftheformer
West African Monetary Union (WAMU) inJanuary 1994. Itsaimistocreate aneconomic union by
organizing aconvergence offiscal policies andlegislation andcreating acommon market ensuring
freemovement ofpersons, goods, services andcapital.
30. TheTreatyalsoprovidesforthecreationofacustomsunionaswellascommonsectoralpolicies.
Pursuant toapreferential trade agreement concluded inDecember 1995, theConference ofHeads of
StateandGovernment oftheWAEMU instituted within theUnion atransitional preferential tariffregime
fortrade pending theestablishment ofthecustoms union. ThisAgreement setsouttheregime and
thecustoms procedures applicable tothemovement ofgoods within theUnion, anddescribes the
9Thecountries members ofECOWAS areBenin, Burkina Faso, Cape Verde, Côted'Ivoire, Gambia, Ghana,
Guinea, Guinea-Bissau, Liberia, Mali, Mauritania, Niger, Nigeria, Senegal, Sierra Leone andTogo.
10TheWAEMU comprises Benin, Burkina Faso, Côte d'Ivoire, Gunea-Bissau, Mali, Niger, Senegal and
Togo.
11Accordingly, the16ECOWAS countries havebeenclassified intothree groups: (1)Cape Verde, Gambia,
Guinea-Bissau, Burkina Faso, Mali, Mauritania andNiger, forwhich fulltariff reduction period hasbeen set
at10years, inother words 10reductions of10percentannually asof1January 1990; (2)Benin, Guinea, Liberia,
Sierra Leone andTogo, forwhich fullreduction isscheduled overeight years, thatis,areduction of12.5 per
centoftheinitial rateannually, asof1January 1990; (3)Côte d'Ivoire, Ghana, Nigeria andSenegal whose
fullreduction wasinprinciple completed in1996.WT/TPR/S/27 Trade Policy Review
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functioning oftheCommunity Solidarity Levy (PCS) andtheallocation oftheproceeds.
(Chapter III(2)(ii) Import Duties).12
31. While itsupports theproject tocreate acustoms union within theWAEMU, theGovernment
hopes thatitwillnotleadtoanincrease inBenin 'sMFN customs duties. Anincrease inMFN import
duties oninputs would increase thecostofgoods imported forsalelocally orforre-export bythe
Beninese, towhom trading isofmajor importance. Furthermore, investment inBenin would certainly
stand togainfrom theeffective elimination ofnon-tariff barriers tointra-WAEMU trade. Given the
small sizeofthedomestic market, theprofitability ofinvestments depends onaccess toregional markets.
32. Benin isalsoamember oftheOrganization ofAfrican Unity (OAU) and,ratified theTreaty
establishing theAfrican Economic Community (AEC) attheOAU summit meeting inAbuja, Nigeria,
inJune1991. ThisAgreement provides forthecreation ofapan-African economic andmonetary union
overa34-year period, andisanextension oftheLagos PlanofAction adopted in1980, which envisaged
anAfrican common market fortheyear2000.13AsofApril 1997nomeasures hadbeentaken under
thisTreaty.
(iii) Other trade agreements orarrangements
33. Benin isasignatory totheFourth Lomé Convention between theEuropean Union and
71developing countries ofSub-Saharan Africa, theCaribbean andthePacific (ACP States). Under
thisConvention, itsexports ofindustrial andagricultural products notcovered under theCommon
Agricultural Policy enjoy duty-free entry(non-reciprocal) totheCommunity market. Fortheremaining
agricultural products, theCommunity grants ACPStates treatment slightly more favourable thanthat
accorded tocountries subject toitsGeneralized System ofPreferences (GSP) ortoitsMFN regime.
These preferences were granted under theFourth Lomé Convention, which wasconcluded in1990
for10years (1990-2000).
34. Benin alsoparticipates intheSTABEX pricestabilization mechanism provided forunder the
LoméConvention,amechanismdesignedtocompensateforlossofexportearningsofcertainagricultural
products ontheCommunity market (Article 186etseq.oftheLomé Convention). Allother developed
countries granttradepreferences toBenin under theirnational preference schemes, within theframework
oftheGSP. Benin isasignatory totheAgreement ontheGlobal System ofTrade Preferences (GSTP),
andassuchhasexchanged tariff preferences withother developing countries. According tothe
authorities,BeninhasnotbenefitedfromthisAgreementintheframeworkofitsforeigntradepromotion.
(iv) Trade disputes andconsultations
35. Benin hasnever been aparty toadispute settlement procedure within theGATT under
Articles XXII andXXIII, either asacomplainant orasadefendant14,norhasitbeenaparty toany
dispute brought before theWTO.
12AttheConference ofHeads ofState andGovernment of10and11May1996, itwasdecided thatthepace
andmodalities oftheelimination ofcustoms duties, quantitative restrictions andanyother measures having an
equivalent effect applied tooriginating products, would bedecided asof1July1997.
13GATT (1992).
14Benin wasnotasignatory toanyoftheTokyo Round agreements onnon-tariff measures.Republic ofBenin WT/TPR/S/27
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36. Intheevent ofatrade dispute, Benin mayhaverecourse tothefacilities ECOWAS orthe
WAEMU. Within ECOWAS, trade disputes maybesettled amicably bydirect agreement, subject
toapproval ofthatagreement bytheCouncil ofHeads ofStateofECOWAS. Intheabsence ofsuch
anarrangement, thedispute maybebrought byanyoftheparties, byanymember State orbythe
Conference before theexecutive secretariat ofECOWAS. Thedispute isthensubmitted totheTrade,
Customs, Immigration, Monetary andPayments Commission, which issues arecommendation tothe
Council ofMinisters. Thecourt ofjustice provided forunder theECOWAS Treaty isnotyetareality.
37. Differences overtheinterpretation orapplication oftheLomé Convention maybesubmitted
totheCouncil ofMinisters established under theConvention. IftheCouncil doesnotfindasolution,
itmayinitiate arbitration proceedings attherequest ofoneoftheparties. Noproceedings ofthiskind
havebeeninitiated todate.
(v) Investment agreements orarrangements
38. Amongthevariousagreementscontainingprovisionsoninvestment,BeninratifiedtheConvention
Establishing theMultilateral Investment Guarantee Agency oftheWorld Bank andtheTreaty
Harmonizing Business LawinAfrica in1993and1994respectively. TheLomé IVConvention among
theACPStates andtheEuropean Union embodies principles forprotecting European investments in
theACP countries. Work isnowunder wayinorder toharmonize national investment codes within
theWAEMU.