Benin report - Institut Africain de la Gouvernance

CHAPTER FOUR: ECONOMIC GOVERNANCE AND MANAGEMENT__________________________________________________________________________community trade and to open the subregional market to world trade. Inaddition to these two instruments, Benin organises other trade promotionactivities, such as trade fairs and other events, to introduce Benin‟s products tothe outside world.495. With regard to the level to which policies conform to regional integrationobjectives, the report notes that Benin‟s national policy is fully consistent withWAEMU and ECOWAS objectives. However, according to recent WAEMUsimulations, this indicator is not very satisfactory. Greater efforts are stillneeded in order to eliminate the many trade barriers between some memberstates. Hence, the report indicates that the process of integration with the twogroups is facing problems. These are associated mainly with extortion onroads and at borders between states, the failure of some member states toapply the signed texts, and the adoption of measures that are contrary tointegration programmes and policies.496. The report notes that, in order to promote regional monetary harmony,cooperation and coordination, Benin has approved all the measures adopted bythe West African Monetary Union (WAMU) and WAEMU. These measurescover a number of texts, conventions and laws, including:the treaty instituting WAMU;the WAEMU treaty, revised in 2003;the Cooperation Agreement between the French republic and members ofWAMU;the agreement establishing the West African Development Bank (BOAD);the convention establishing the Banking Commission;a set of conventions relating to STAR in WAEMU; andthe law on banking regulation.497. Finally, the report notes that there is no mechanism to evaluate progress madeto comply with the agreements, treaties and MOU on regional monetaryharmony, cooperation and coordination. However, in the light of thefunctionality of the institutions of WAEMU, significant developments havebeen noted with regard to compliance with commitments made by theBCEAO.ii.Conclusions of the CRM498. Discussions held with stakeholders and the Ministry of Foreign Affairsenabled the CRM to note that, in addition to what is mentioned in the CSAR,Benin is a member of the major regional integration groups in West Africa andthat it has also signed the treaty establishing OHADA. This focuses on theharmonisation of business laws in CFA franc-zone countries. It has also signed176