ࡱ> gidefu@ mbjbj kr;P&&&$JRzRzRzPzTzJ0h||:||||:|}       R$ 9&ջ||ջջ &&|| qqqջ&|&| qջ qq_?H&&|z| /CRzF{400uJJ&&&&&} q, ȩ }}}  JJ2NI1UJJNITRADE POLICY REGIME: FRAMEWORK AND OBJECTIVES Overview The Constitution and the scope of the Supreme Courts powers have remained unchanged since the first review of Benins trade policy. Efforts have been made to decentralize so as to encourage land-use planning and the planning of Benins development. Since 2001, the Ministry of Industry, Trade and Employment Promotion (MICPE) has been responsible for Benins trading policy. Benin is a founding member of the WAEMU, which is gradually adopting a common trade policy (CTP), wishes to become an observer at the ϲʹ and is considering the possibility of drawing up a common schedule of tariff bindings. Benin is also involved in other regional integration initiatives (ECOWAS) and benefits from bilateral preferential agreements (Economic Partnership Agreement with the EU), whose scope is expanding. In the context of its participation in the ϲʹ, Benin has defined its needs as a least developed country (LDC) and as a cotton producer. As far as transparency is concerned, Benin continues to encounter some problems with regard to notifications. Nevertheless, since the first review Benin has benefited from technical assistance under the JITAP on several occasions and also under the Integrated Framework since 2004, and considers it necessary to strengthen and intensify the action taken to date. In order to meet these expectations, the ϲʹ has included several activities for Benin in its 2004 Technical Assistance and Training Programme (Annex II.1). The Investment Code remains the same and gives investors of any origin equal treatment for the activities covered; there are still tax concessions subject to certain conditions (minimum value added and the employment of Benin nationals). Enterprises processing agricultural, animal and mining products of local origin enjoy additional concessions. In order to promote the diversification of exports and attract investment, a new Industrial Free Zone regime is being introduced. General Constitutional and Institutional Framework There have been no changes to Benins Constitution since the first review of its trade policy. Under its Constitution, the President of the Republic is the Head of State, elected by direct universal suffrage (first-past-the-post ballot in two rounds) for a term of five years renewable only once; executive power is vested in the President, who decides and conducts the affairs of State. He appoints the members of the Government and determines their responsibilities. At the last presidential elections held on 4 and 22March 2001, the President, Mr.Mathieu Kerekou, was re-elected for a new term extending to 2006. Parliament is composed of a unicameral National Assembly, which exercises legislative power and controls the activities of the Government. The 83 deputies are elected by direct universal suffrage for four years and may be re-elected; the last legislative elections were held on 30March 2003. The National Assembly adopts the laws, including finance laws identifying the Governments income and expenditure targets. To carry out its programme, the Government may request the National Assembly to pass a law authorizing it to adopt measures normally coming within the scope of ordinary law, by issuing ordinances valid for a limited period. Such authorization can be granted only by a two-thirds majority of the members of the National Assembly. Ordinances are adopted by the Council of Ministers after consulting the Constitutional Court. They take effect upon publication, but lapse if the draft of the ratification law is not adopted by the Assembly. Judicial power belongs to the Constitutional Court, the Supreme Court, and the High Court of Justice. The Supreme Court is the highest court for administrative and judicial matters and in regard to government accounts. Its decisions concerning the interpretation of the law are not subject to appeal. They are binding on the Executive, the Legislature, and on all the other courts. The Supreme Court may be consulted by the Government on any administrative or jurisdictional matter. At the request of the Head of State, it may be entrusted with drafting and amending laws and regulations before they are examined by the National Assembly. Courts of first instance are responsible for commercial matters and judge such cases in the first instance. Within the Court of Appeal, there is a chamber which hears appeals and is the last instance in commercial disputes. Countries belonging to the Organization for the Harmonization of Business Law in Africa (OHADA) (section 7(ii)) have entrusted the Organizations Common Court of Justice and Arbitration with final appeals in commercial disputes. Decentralization Benin has made efforts to decentralize its system of government. Reform of local authorities commenced in 1999. Benin is currently divided into 12 departments and 77local communities established to promote land-use planning and the planning of Benins development. The communities are decentralized entities, which have legal status and financial autonomy, and each has its own budget. The law provides that, for a period of three years as of the creation of the communal bodies, the State will ensure their proper functioning by granting subsidies and special loans to communities whose financial resources do not allow them to balance their operating budget. Structure of Trade Policy Formulation Executive When Benins trade policy was first reviewed, the Ministry of Trade, Crafts and Tourism was responsible for formulating trade policy. Since 2001, the Ministry of Industry, Trade and Employment Promotion (MICPE) has been responsible for drafting, implementing and administering trade policy. Once they have been drawn up by the Ministry, laws are submitted for examination and approval by the Legislature. In addition, the Ministry of Finance and the Economy (Customs and Indirect Taxation Department), the Ministry of Planning, Forecasting and Development and the Ministry of Agriculture, Livestock and Fisheries are involved in the formulation and implementation of trade and investment policies. Advisory bodies At the time of the first trade policy review, the Government did not receive advice from universities or other research institutions when drawing up or amending trade policy. The Chamber of Commerce and Industry of Benin (CCIB), the Foreign Trade Centre of Benin and the Department of Programming and Planning are still involved in developing trade policy (Chapter III(3)(iv)). The Economic and Social Council is an advisory body and expresses its opinion on draft laws, ordinances or decrees submitted to it, but on its own initiative it may also draw the attention of the National Assembly and of the Government to economic and social reforms that it may deem necessary or contrary to the public interest. Trade and Investment Policy Main features Benin is determined to continue developing foreign trade in order to alleviate poverty through welfare programmes (food security, education, health and job creation). Benins trade policy comes within the more general framework of a Poverty Reduction Strategy Paper (PRSP for the period 2003-2005) and its commitments deriving from membership of the WAEMU (section6(iii)(a)). As was the case when its trade policy was first reviewed, the Government is relying on recovery in the private sector as a catalyst for economic growth. The reforms are based on: (i)consolidation of regional integration; (ii)pursuit of the States withdrawal and the privatization or liquidation of government enterprises (TableIII.2); (iii)diversification of agricultural exports; (iv)the development of new sectoral codes to attract foreign investment; (v)the creation of an Industrial Free Zone (section8); (vi)strengthening of the legal environment; and (vii)reform in the public sector and the dismantling of administrative constraints. Participation in the ϲʹ Benins Government has declared its attachment to a multilateral trading system based on clear and firm rules able to guarantee market access in order to promote growth, development and job creation at the global level, and to its obligations within the ϲʹ. Benin grants MFN treatment to all ϲʹ Members. In its statement to the 2003 Ministerial Conference in Cancn, however, Benin expressed deep concern at the treatment given to the sectoral initiative in favour of cotton, and emphasized that the negotiations must take into account the special situation of LDCs. It considers that a marked improvement in international trade rules is essential to allow effective and efficient participation by developing countries in international agricultural trade, particularly by the LDCs. It is Benins view that an urgent solution must be found because the subsidies given for the production and export of cotton by some ϲʹ Members constitute a trade practice that is contrary to the rules and principles governing multilateral trade. They are prejudicial to LDCs that produce and export cotton and have harmful effects on the economy and on social conditions in the communities producing cotton in these vulnerable countries, which are becoming increasingly marginalized. Special and differential treatment for LDCs should be considered a cross-cutting issue. The rules and principles applicable to LDCs should be made operational, precise and effective, and should take into account the particular needs and special situations of LDCs. Benin endorses the common position adopted by the countries of the African Group regarding the need to pursue the process of clarifying the Singapore issues so that the interests of developing countries are protected. Trade Laws and Regulations All laws, regulations and orders are published in French in the Journal Officiel, which is available to the public. An increasing number of ministries and government authorities have Internet sites where they disseminate laws and other information, sometimes also in English. The Executive negotiates and ratifies international treaties and agreements. However, treaties or agreements concerning international organizations (those committing public funds and those amending domestic laws) may only be ratified by the National Assembly by means of a law. Once published, treaties and agreements that have been ratified take precedence over laws. During the period under review, Benin has submitted notifications to the ϲʹ (Table II.1). The authorities encounter some problems as regards the updating of notifications. In March 2004, notifications concerning State trading, import licensing procedures (replies to questionnaires) and customs valuation were incomplete. Benin has given its agreement to the incorporation of the tariff data compiled by the Secretariat when preparing the trade policy review into the integrated database (IDB); prior to this, Benin had not submitted tariff or statistical data on its imports to the ϲʹ. Table II.1 Status of notifications to the ϲʹ, April 2004 AgreementSubject of notificationFrequencySymbol of the latest notificationAgriculture (Article18.2)Domestic supportAnnuallyG/AG/N/BEN/1, 27October1998Anti-dumping Agreement (Article18.5)Laws and regulationsG/ADP/N/1/ BEN/1, 28September1998Anti-dumping Agreement (Article16.4)Anti-dumping measures adoptedHalf-yearlyG/ADP/N/41/Add.1, 19 October 1998Anti-dumping Agreement (Article16.4)Anti-dumping measures adoptedHalf-yearlyG/ADP/N/35/Add.1/Rev.2, 19 October 1998Anti-dumping Agreement (Article16.4)Anti-dumping measures adoptedHalf-yearlyG/ADP/N/29/Add.1/Rev.2, 20 October 1998Anti-dumping Agreement (Article16.4)Anti-dumping measures adoptedHalf-yearlyG/ADP/N/22/Add.1/Rev.3, 19 October 1998Anti-dumping Agreement (Article16.4)Anti-dumping measures adoptedHalf-yearlyG/ADP/N/16/Add.1/Rev.5, 19 October 1998Customs valuation (paragraphs 1, 2, 3 and 4)Laws and regulationsOnce, and then ifamendedWT/LET/331, 24 February 2000Customs valuation (paragraph 20.1)Laws and regulationsOnce, and then ifamendedWT/LET/242, 18 September 1998Safeguards (Article12.6)Laws and regulationsOnce, and then ifamendedG/SG/N/1/BEN/1/Corr.1, 1October1998Subsidies and countervailing measures (Article25.1)Subsidy programmesAnnuallyG/SCM/N/38/BEN, 30 September 1998Technical Barriers to trade (Article2.9)Laws and regulationsG/TBT/Notif.97.179, 29April1997Technical Barriers to Trade (Article2.10)Laws and regulationsG/TBT/Notif.97.180, 29April1997Technical Barriers to Trade (Annex3C) Information on technical regulations, standards and conformity assessment proceduresG/TBT/CS/N/142, 14May 2002Enabling clauseWAEMUWT/COMTD/N/11, 3 February 2000 WT/COMTD/N/11/Add.1, 2 March 2001 WT/COMTD/N/11/Add.2, 22 August 2001 WT/COMTD/N/11/Add.2/Corr.1, 26March 2002Source: ϲʹ Secretariat. Trade Agreements and Arrangements ϲʹ Multilateral agreements Benin, as a Contracting Party to the GATT (as of 12 September 1963), became a member of the ϲʹ on 22 February 1996. It is recognized as a least developed country (LDC). Benin is not party to any plurilateral agreement. Participation in ϲʹ activities The member States of the WAEMU, including Benin, are gradually adopting a common trade policy (CTP), which they also intend to apply within the ϲʹ. Benin therefore supports the request made by the WAEMU Commission to become an observer at the ϲʹ. On behalf of WAEMU members, Senegal has notified the Treaty and subsequent acts. As far as the multilateral negotiations under the Doha Development Agenda are concerned, the member States of the WAEMU have adopted common positions on many issues, particularly with regard to the subsidies given by some ϲʹ Members for cotton (Chapter IV(2)(iii)). The WAEMU Commission is considering the possibility of drawing up a common WAEMU list of tariff bindings to replace those appearing on the national lists of member States. Benin is eligible to participate in the ϲʹ trade policy courses and has received technical assistance from the ϲʹ. Other areas in which further technical assistance is sought have been identified in order to draw up a targeted programme (AnnexII.1). Regional economic agreements African Union The achievement of African unity is one of Benins fundamental objectives. Benin is a founding member of the African Union, which replaced the Organization of African Unity (OAU). Ultimately, the African Union will be an economic and monetary union with the institutions mentioned below in addition to the Conference of Heads of State and Government and the Council of Ministers. Economic Community of West African States (ECOWAS) Benin is a founding member of the ECOWAS, whose Treaty was revised in 1993 in order to revitalize the economic integration process. Following this revision, the institutional framework of the ECOWAS provides for the following in addition to the Conference of Heads of State and Government and the Council of Ministers: the Parliament, the Court of Justice, the Executive Secretariat, the Bank for Investment and Development, the Central Bank (West African Monetary Institute, predecessor of the Central Bank, created in 2001) and technical commissions. In 2000, the Executive Secretariat of the ECOWAS noted that "[t]he non-application of the trade-liberalization scheme constitutes the most glaring failure for ECOWAS and indicated that intra-community trade only accounted for 11per cent of members total trade. In order to turn the situation around, in 1999 the economic integration process was given renewed impetus. The progress made relates in particular to the establishment of a mechanism to compensate for the loss of customs revenue caused by the preferential regime, harmonized with that of the WAEMU. Less progress has been made in introducing the CET of the ECOWAS. Since 1 January 2004, members all receive preferential treatment for the same products as those within the WAEMU. It is intended to create a customs union in 2007. Together with the WAEMU Commission, the ECOWAS is involved in negotiations with the EU on the conclusion of an Economic Partnership Agreement (EPA) (section6(iv)). The ECOWAS is also the focal point for the implementation of the New Partnership for Africas Development (NEPAD) project launched at the Lusaka summit in 2001. The ECOWAS is responsible for settling disputes in the subregion (for example, in Cte dIvoire, Liberia and Guinea-Bissau). West African Economic and Monetary Union (WAEMU) Benin is a founding member of the WAEMU, whose institutions consist of the Conference of Heads of State and Government, the Parliament, the Council of Ministers, the Commission, the Court of Justice and the Court of Audit. The member States of the WAEMU also belong to ECOWAS (see above). The WAEMU complements the WAMU by an economic integration component and incorporates its provisions. The main objectives of the WAEMU are: (i)convergence of the economic performance and policies of member States through the establishment of a multilateral monitoring procedure; (ii)creation of a common market; (iii)coordination of sectoral policies; and (iv)to the extent necessary for the proper operation of the common market, harmonization of member States legislation, including the regime on duties and taxes on goods. The WAEMU has gradually liberalized intra-community trade (30per cent in 1996, 60per cent in 1997, 80per cent in 1999, and 100per cent in 2000). The preferential regime allows local products and traditional handicrafts originating in member States to enter free of duty (since 1July 1996), as well as approved industrial products originating in the Union (since 1January 2000). The harmonization of domestic tax legislation in member States also applies to indirect taxes (ChapterIII(2)(iii)). Benin recognizes the exclusive competence of the WAEMU Commission for the negotiation of trade agreements (BoxII.1); the bilateral agreements signed by Benin are gradually being replaced by agreements signed by the WAEMU. A non-preferential agreement on the development of trade and investment relations between the member States of the WAEMU and the United States of America was signed on 24April 2002. Other agreements between the WAEMU and third countries (Algeria, Egypt, Lebanon, Morocco and Tunisia) are under preparation. Since 2October 2000 (textiles visa since January2004), Benin has been eligible to benefit from the trade preferences granted by the United States under the African Growth and Opportunity Act (AGOA). In principle, Benins exports are eligible for the preferences granted by a number of industrialized countries to LDCs, in particular under the European Union's Everything but Arms initiative. Box II.1: Main trade-related instruments of the WAEMU Additional Act No. 4/96 establishing a preferential tariff regime for trade within the WAEMU; Additional Act No. 4/98 establishing a common preferential tax on industrial products of origin; Regulation No. 2/97/CM/UEMOA on adoption of the WAEMUs CET; Directive No. 2/98/CM/UEMOA on harmonization of member States legislation on value-added tax (VAT); Directive No. 3/98/CM/UEMOA on harmonization of member States legislation on excise duty; Regulation No. 5/98/CM/UEMOA defining the list of categories of goods appearing in the WAEMU tariff and statistical nomenclature, as amended; Regulation No. 14/98/CM/UEMOA defining the conditions under which member States of the WAEMU are authorized to adopt safeguard measures; Regulation No. 3/99/CM/UEMOA on adoption of the degressive protection tax (TDP) mechanism within the WAEMU, as amended; Regulation No. 4/99/CM/UEMOA establishing a system of reference values; Regulation No. 5/99/CM/UEMOA on customs valuation of goods; Additional Act No. 6/99 establishing a financial compensation mechanism within the WAEMU; Additional Protocol No. III/2001 establishing rules of origin for WAEMU products; Directive No. 6/2001/CM/UEMOA on harmonization of taxation of petroleum products within the WAEMU; Regulation No. 9/2001/CM/UEMOA on adoption of the WAEMU Customs Code (BookI: Organizational framework, customs procedures and regimes); and Regulation No. 9/2003/CM/UEMOA on the Community Anti-dumping Code. Source: www.uemoa.int [15 March 2004] With regard to the coordination of national sectoral policies, the WAEMU has adopted policies in the following areas: agriculture, energy and industry. The operating procedures for the Unions agricultural policy (PAU) should be finalized soon. Regarding transport, which is a key aspect for the development of intra-community trade, a common strategy and a road infrastructure network within the WAEMU have been adopted and put before donors. A common programme on the building of checkpoints on the borders between member States has been adopted and its implementation appears to be under way. There has also been progress in harmonizing domestic tax legislation in member States (Chapter III(2)(iii)(b) and (c)). ACP-EU Partnership Agreement (Cotonou Agreement) Benin is one of the 77 ACP countries with which the EU has signed a Partnership Agreement, which provisionally entered into force on 1March 2000. Trade provisions are one of the mechanisms for cooperation between the ACP countries and the EU. The latter allows industrial products and processed agricultural products originating in 77 ACP countries to enter duty-free without reciprocity. The ϲʹ Members have granted the EU a waiver from its obligations under ArticleI.1 of the GATT 1994 (concerning MFN treatment) for the period 1March 2000 to 31December 2007, by which time new trading arrangements consistent with the ϲʹϒs rules must have been concluded. Under the Cotonou Agreement, these arrangements will be in the form of an Economic Partnership Agreement between the EU and various regional groups. The EU initiated the negotiations on 27December 2002. The first phase involved all the ACP countries and the EU and dealt with horizontal issues of interest to all parties; the second phase began with the launching of negotiations with the Central African Economic and Monetary Community (CEMAC) on 4October 2003 and with West African countries, represented by the ECOWAS, in collaboration with the WAEMU, on 6October 2003. The EU considers that the negotiations on the Economic Partnership Agreement will strengthen the regional integration process within the ECOWAS. The EU supports the participation of West African countries through a 20million capacity-building programme. The ECOWAS has also obtained from the European Development Fund (EDF) financing for studies to assess the impact of the Economic Partnership Agreement on the economies of member States. In this connection, one of the consequences of the creation of a free-trade area between the EU and West African countries at the conclusion of the transitional period the year 2020 at the latest will be the elimination of customs duties on products of EU origin covered by the EPA and the resulting loss of tax revenue. The member States of the ECOWAS have requested EU financing to cover this loss during a transitional period. At the ECOWAS ministerial meeting held in Accra in April 2003, the ministers requested the EU to provide additional resources in order to allow the West African region to meet the cost of adjusting its economy. Foreign Investment Regime Overview The main features of the PRSP in relation to investment are, on the one hand, expansion of investors scope by privatizing State enterprises and, on the other, establishment in Benin of a structure that encourages enterprises to set up there and promotes the development of small and medium enterprises (SMEs). The 1990 Investment Code makes the private sector the catalyst for the economys growth. Between 1998 and 2000, foreign direct investment in Benin accounted for some 3per cent of its GDP. The foreign direct investment/GDP indicator was three to four times higher than that of other countries in the region. Studies carried out in Benin show that the investment climate is undermined by a number of problems related to administrative procedures, labour regulations and lack of infrastructure. The State is nevertheless striving to find solutions to these constraints, particularly through the establishment of a single window, improved infrastructure, and above all more flexible labour regulations with a new Labour Code adopted in 1998. Investment Code The scope of the Investment Code covers the following: industrial processing; rural development (agriculture, livestock breeding, fishing, aquaculture, forestry); tourism and hotel services; industrial maintenance; electronic and mechanical assembly; cultural, artistic and audiovisual production (discs, pressing, tapes and production of cinematographic films); environmental protection activities; supply of services relating to health, education, public works and handicrafts. The following activities are excluded: purchase of goods for resale without processing; repackaging and wrapping of finished products; supply of services other than those listed in Article1 of the implementing decree; and activities that have a negative impact on the environment and health. Any new enterprise of interest or of particular importance for the achievement of the objectives of the national economic and social development plan may be covered by the Code. The activity generated must, however, make a significant contribution to implementing the land-use planning policy through the installation of activities in less developed economic areas; job creation; improvement and stabilization of the trade balance and the balance of payments. In order to encourage free competition, State or private enterprises from Benin or abroad enjoy the same rights under the current Investment Code and are also subject to the same obligations There are no limits on foreign participation in the capital of a company set up in Benin in the sectors covered by the Investment Code. Under the Investment Code, approved enterprises are given a number of tax concessions under four privileged regimes (TableII.2). The period during which the benefits of the Code may be enjoyed depends on the zone where the beneficiary enterprise is established; for this purpose, Benin has been divided into three zones (TableII.3). Industrial enterprises which process agricultural, animal and mining products of local origin also enjoy the following benefits: (i)exemption from registration fees when they are set up; and (ii)exemption from the business tax for the first five years of operation. There are clear rules covering equipment to be used in hotels approved under the Investment Code and eligible for exemption from import duties and taxes. The following items are not covered by the duty-free regime in the Investment Code (TableII.2): building materials, office equipment, household appliances and equipment, private tourism vehicles, air-conditioning equipment, with the exception of equipment for centralized air-conditioning systems, petroleum products, with the exception of oil lubricants, diesel fuel used as a raw material, and bituminous products. Raw materials and packaging imported under the Investment Code are subject to the ordinary regime. Duties and taxes paid on raw materials and packaging imported and used in the manufacture of exported products is refunded (drawback), pursuant to the provisions of the Customs Code and subject to observance of the customs regulations. The Code requires beneficiary enterprises to ensure that their activities realize at least 50per cent of value added and to give at least 60per cent of the jobs on the payroll to Benin nationals. It provides that the utilization of foreign labour is subject to the relevant regulations. When the benefits under the privileged regime have expired, the enterprises concerned must continue their activities for at least five years otherwise they have to refund to the State the amount of the concessions obtained throughout the approval period. Table II.2 Criteria and benefits under the Investment Code RegimeCriteriaBenefitsASmall and medium enterprisesTo encourage the development of SMEs from Benin or abroad whose activities could assist Benins economic and social development and promote cooperative enterprises. Actual investment of CFAF 20 to 500million (US$33,000 to 830,000 respectively). Creation of at least five permanent jobs for Benin nationals. Cost of the application for approval: CFAF100,000 (US$160).Exemption from import duties and taxes with the exception of the road tax and the statistical fee for (i)machinery, equipment and tools to be used specifically for production or operations; and (ii)spare parts specifically for the imported equipment up to a limit corresponding to 15per cent of the c.i.f. value of the equipment. Exemption from tax on industrial and commercial profits. Exemption from export duties and taxes on goods prepared, manufactured and exported by the enterprise.BLarge enterpriseTo promote national or foreign enterprises desirous of contributing to Benins economic and social development through their investment. Actual investment of CFAF 500million to 3billion (US$830,000 to US$5million respectively). Creation of at least 20 permanent jobs for Benin nationals. Cost of the application for approval: CFAF300,000 (US$500).Exemption from import duties and taxes with the exception of the road tax and the statistical fee for (i)machinery, equipment and tools to be used specifically for production or operations; and (ii)spare parts specifically for the imported equipment up to a limit corresponding to 15per cent of the c.i.f. value of the equipment. Exemption from tax on industrial and commercial profits. Exemption from export duties and taxes on goods prepared, manufactured and exported by the enterprise.CTax stabilizationTo encourage very large enterprises. Actual investment exceeding CFAF3billion (US$5million). Creation of at least 20 permanent jobs for Benin nationals. Cost of the application for approval: CFAF500,000 (US$800). Exemption from import duties and taxes with the exception of the road tax and the statistical fee for (i)machinery, equipment and tools to be used specifically for production or operations; and (ii)spare parts specifically for the imported equipment up to a limit corresponding to 15per cent of the c.i.f. value of the equipment. Exemption from tax on industrial and commercial profits. Exemption from export duties and taxes on goods prepared, manufactured and exported by the enterprise. The enterprises benefit from tax stabilization in respect of the rate and method of determining the tax base for industrial and commercial profits throughout the period of the approval.SpecialActual investment of at least CFAF20million (US$33,000).a Enterprises eligible for the A, B orC regimes with real investment ranging from CFAF5 to 20million (US$8,300 to US$33,300 respectively).b Cost of the application for approval: CFAF50,000 (US$80).When the enterprise is created, exemption amounting to a 75 per cent reduction in import duties and taxes, with the exception of the road tax and statistical fee for (i) machinery, equipment and tools to be used for production or operations; and (ii) spare parts specifically for the imported equipment up to a limit corresponding to 15 per cent of the c.i.f. value of the equipment.ca These enterprises provide services relating to health, education, handicrafts and public works; tourism and hotel services; industrial maintenance, cultural, artistic and audiovisual production (discs, tapes, cinematographic films) and environmental protection. b Title VI of Law No. 90-002, Articles 59 and 62 of Law No. 90-033 and Title III of Decree No. 98-453. c Machinery, equipment, tools and spare parts and taxes are governed by ordinary law during the approval period (Article 59 of Law No.90-033). Source: Law No. 90-002 of 9 May 1990 containing the Investment Code. Table II.3 Definition of zones and term of the period of operations Installation zonesTerm of the period of operationsZone 1Cotonou and neighbouring areas within a radius of 25 km5 yearsZone 2Urban areas of Porto-Novo, Parakou, Abomey and Bohicon7 yearsZone 3Other parts of Benin9 yearsSource: Law No. 90-002 of 9 May 1990 containing the Investment Code. Investors are given the following guarantees: freedom to do business (choice of suppliers, clients, provision of services); free entry, residence, movement and exit of expatriates and their families subject to observance of the rules in force; freedom of management; freedom to transfer capital, including profits and dividends duly accounted for, and funds acquired as a result of the transfer or cessation of the enterprises activities, subject to the legislation in force; guarantee that the State of Benin will not take any nationalization measures; and the right to settlement of disputes resulting from interpretation or application of the Code. Such disputes are settled by a Commission comprising representatives of the Ministers responsible for planning, finance, industry and justice. In the case of disputes concerning the validity, interpretation or application of the approval decree and possible determination of any fiscal penalties deriving from ignorance or violation of commitments, there exists an arbitration procedure either through common agreement between the two parties or by referral to the International Centre for Settlement of Investment Disputes (ICSID). Since 1990, two commissions have been responsible for applying the Code, namely the Technical Investment Commission (CTI) and the Investment Control Commission (CCI). In order to strengthen the legal framework for investment and to provide additional security for capital, in particular from abroad, in 1993 and 1994 Benin ratified the convention setting up the Multilateral Investment Guarantee Agency (MIGA) and the treaty establishing the Organization for the Harmonization of Business Law in Africa (OHADA). At the bilateral level, 17agreements and treaties on the protection of investment have been signed (10 of them since 1998) and in February 2004 three further agreements (with China, Italy and Morocco) appeared to be in the process of being negotiated or were ready to be signed. As part of the measures taken to liberalize the economy, the monopoly of State trading enterprises has been curtailed or abolished and the State continues its withdrawal in the context of the Governments privatization efforts. In 2004, the State participated in the capital of 28enterprises, including commercial enterprises and collective services (TableIII.2). According to the authorities, foreign interests have been the main participants in the capital of companies included in the privatization programme and the majority of privatized enterprises record profits. Law No. 92-023 on privatization provides that the State may sell enterprises it owns, with the exception of those deemed to be strategic. The latter belong to the mining, energy, water, forests, armament, transport and communications sectors. The privatization of the national company marketing petroleum products (SONACOP), which became a public limited company on 1July 1999, has been one of the major liberalization measures taken in the petroleum sector (ChapterIV(3)(ii)(a)). Industrial Free Zone Regime The possibility of creating an Industrial Free Zone (ZFI) in Benin dates from 1999. The intention is to assist in promoting the diversification of exports; improve the trade balance; earn foreign currency; ensure the transfer of technology and know-how; develop services and subcontracting; and create jobs. Nevertheless, despite the rapid progress made in establishing the first ZFI (see below), the draft regulations on its organization and functioning were only approved in October 2003, while the draft law on the general regime was still being considered by the National Assembly at the time this report was finalized. The ZFI option adopted by Benin is to combine geographically defined free zones and free points or free enterprises. Consequently, any enterprise that meets the criteria may establish itself in any part of Benin and benefit from the advantages given. A public limited company called the Agency for the Administration of the Industrial Free Zone will be responsible for administering the ZFIs. Each approved enterprise and promoter will pay an annual fee (to be fixed) and the Agency will define and implement a development, promotion and financial viability policy. The following are eligible for this preferential regime: (i)enterprises engaged in industrial production for export; (ii)services enterprises whose services are available solely to industrial enterprises approved under the ZFI regime; and (iii)enterprises which produce goods intended solely for the industries approved under the ZFI regime. Such enterprises must meet all the following requirements: (i)guarantee that at least 65per cent of their annual production will be exported, (ii)as a priority, give permanent jobs to Benin nationals with qualifications equivalent to those of non-nationals; and (iii)if they are equally competitive, as a priority use raw materials, equipment and supplies of Beninese origin. For activities covered by their approval, enterprises are eligible for numerous tax concessions as of the date of signature of the approval (TableII.4). Enterprises under the ZFI regime may also benefit from: (i)use of their own telecommunications network; (ii)production of energy solely for their consumption; and (iii)the possibility of holding foreign currency accounts. In September 2003, the first geographically defined ZFI was situated to the east of Cotonou, in the Sm-Podji sub-prefecture close to the Nigerian border. The total area for this infrastructure is 500hectares, but the work currently taking place only concerns 230hectares. To date, the investment made by the State to equip this zone is some CFAF1.3billion. Thirty-four enterprises have made applications to the Ministry of Industry, Trade and Employment Promotion with a view to obtaining a lot. These applications as a whole relate to a total area of 219hectares. It should be noted that the area currently available is 190hectares. Table II.4 Tax concessions under the Industrial Free Zone regime in Benin MeasureConcessionImport duties and taxesaExemption upon import.b Upon export, only payment of the road tax.Tax on industrial and commercial profits (BIC)Exemption for the first 10, 12 and 14 years for geographical zones 1, 2 and 3 respectively. Reduction to a rate of 20 per cent for five years as of the 11th, 13th and 15th year depending on the zones. Employers contributionReduction to 4 per cent on wages for a period of five years.Tax on income from securitiesReduction to a rate of 5 per cent for a period of five years.Land and real estate taxExemption for a period of 10 years.Business taxExemption for a period of 10 years.VATExemption.ca Excluding the road tax. b Exemption for machines, machinery and tools; spare parts specifically for the equipment imported; raw materials and semi-finished products; products to be used for packaging and wrapping processed products; fuel; lubricants; building materials; office furniture and consumables; generator units and accessories thereof; telecommunications equipment; appliances to be used for air conditioning in enterprises approved under the ZFI regime and cold storage rooms. A reduction of 60per cent of these duties and taxes is granted for goods vehicles purchased by enterprises. Promoters are granted exemption from import duties and taxes upon entry, with the exception of the road tax on goods necessary for the installation, construction and equipment of their area. c On delivery of semi-finished or semi-processed products, packaging, deliveries to the enterprise itself provided that these form part of the production process, work and services provided to the approved enterprise. Source: Ministry of Industry, Trade and Employment Promotion (2003). ANNEX II.1: TRADE-RELATED TECHNICAL ASSISTANCE Overview Benin has participated in the revised programme of the Integrated Framework (IF) since 2004. As originally envisaged in the IF, Benin undertook an assessment in order to define its trade-related technical assistance needs and be given an integrated response. This exercise was used as the basis for the JITAP programme (Joint Integrated Technical Assistance Programme/Programme Intgr Conjoint d'Assistance Technique), initiated in Benin in 1998, for which the implementing agencies are the International Trade Centre (ITC), the United Nations Conference on Trade and Development (UNCTAD), and the ϲʹ. The JITAP, together with the action taken by the ϲʹ to assist Benin outside the programme, have three main objectives: the building of national capacity to understand the multilateral trading system, assistance in bringing domestic legislation into line with the ϲʹϒs rules, and helping to boost exports. The main achievement of these activities is the raising of awareness, both within the Executive and the Legislature, as well as among the press, academics and economic operators. Regarding the activities under way, it should be noted that JITAP Phase II, in effect since February 2003, only began in Benin during the second half of 2003. The ϲʹ has also planned a number of activities to assist Benin in 2004 and future activities are also envisaged. These focus on four main axes: development of human resources; building of institutional capacity; support for the implementation of the ϲʹ Agreements; and support for participation by the authorities in the Doha Development Agenda (DDP). The development of international trade in Benin is also supported at the national level, the regional level (WAEMU and ECOWAS), by several development partners such as United Nations organizations (UNDP, FAO), the World Bank, the European Union, the Agence intergouvernementale de la Francophonie (the Intergovernmental Francophone Agency), the Agence franaise de dveloppement (French development agency), and other bilateral partners. A number of activities are also implemented by non-governmental bodies (NGOs, charities). Action Carried Out by the ϲʹ Since 1995 The JITAP has helped in setting up a interministerial commission responsible for following up ϲʹ-related issues, in which the private sector is closely involved. The objective of the activities carried out under the JITAP framework and by the ϲʹ is to ensure the effective functioning of this commission as regards notifications to the ϲʹ, implementation of the ϲʹ Agreements, and participation in the Doha Development Agenda. Regarding the latter, the aim is to gain a better understanding of the issues, a clearer vision of the national objectives and to formulate a strategy for the development of exports and negotiating techniques. As a result of JITAP action in the area of customs, Benin has been able to adapt a number of legislative and regulatory texts to the ϲʹϒs provisions. The JITAP has also helped to draw up a sectoral export strategy for potentially exportable products such as cashew nuts; and has contributed to the installation of a network composed of some 100trainers for the dissemination of information and to the creation and strengthening of two reference centres and a national enquiry point (NEP) on the administration of quality standards. Support has also been given for Benins standardization activities (CEBENOR). Between January 1998 and December 2003, officials from Benin took part in 19seminars, 22workshops and 12regional training courses, as well as 27other activities organized by the ϲʹ on various aspects of the multilateral trading system. Over the same period, in addition to six ϲʹ technical missions to Cotonou, four seminars were organized on the spot to cover other pertinent issues such as the Doha Development Agenda, customs valuation and the JITAP. Ten officials took part in the trade policy courses organized by the ϲʹϒs Training Institute in Geneva. Action Planned by the ϲʹ For 2004 The ϲʹ has included several activities for Benin in its 2004 Technical Assistance and Training Plan, which provides for participation in the following activities: trade policy courses in Geneva; regional trade policy courses; short trade policy courses on the Doha Development Agenda; workshops or seminars at the regional or subregional level on a number of issues; negotiating techniques; meetings to promote awareness among parliamentarians; and various activities at ϲʹ headquarters. Action That Could Be Taken By The ϲʹ The authorities are seeking to strengthen and boost the action taken so far to assist understanding the multilateral trading system among trainers and international trade experts. It is mainly a question of continuing the training courses, the trade policy courses and technical meetings. As in the past, these activities will deal with subjects such as notifications, the implementation of the ϲʹ Agreements, and the Doha Development Agenda. Another type of action would target support for reference centres. As regards those already established, needs relate to maintaining equipment, training users, and updating and expanding the documentary base in the centres. The authorities would like to see the creation of a reference centre in academic circles, at the Abomey-Calavi University, in order to disseminate information on the multilateral trading system among academics and students more effectively.  Information available [on line]. Available at http://www.gouv.bj/ [22 December 2003].  Law No. 90/032 of 11 December 1990.  The Constitutional Court determines the constitutionality of laws and is the authority that regulates the functioning of institutions and the activities of the public authorities (Article114 of the Constitution). It is composed of seven members appointed for a term of five years renewable only once.  The High Court of Justice is empowered to judge the President of the Republic and members of the Government for matters deemed to be high treason and for offences committed in the exercise of their functions.  Article No. 61 of Law No. 2001-37 of 27 August 2002 on the organization of the judiciary in Benin.  The member countries of the OHADA, whose headquarters are in Abidjan, are: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Cte dIvoire, Congo, Comoros, Equatorial Guinea, Gabon, Guinea, Guinea-Bissau, Mali, Niger, Senegal and Togo.  Laws No. 97-028 of 15 January 1999 on the organization of local government in Benin; No. 97-029 of 15January 1999 on the organization of local communities; No. 98-005 of 15 January 1999 on the organization of communities with special status; No. 98-006 of 9 March 2000 on the electoral regime in communities and municipalities; and No.98007 of 15 January 1999 on the financial regime of communities. Information available [on line]. Available at http:\\www.municipales2002.gouv.bj/ [22 December 2003].  The departments are: Alibori; Atacora; Atlantique; Borgou; Collines; Couffo; Donga; Littoral, Mono; Oum; Plateau; and Zou.  The local council is an assembly elected by the people to administer the community. The members of the council select a mayor from among their number for a renewable term of five years.  The financial resources of the local communities are composed of: revenue from taxes and levies applicable in the former sub-prefectures and urban areas; local development tax; vehicle tax; value-added tax paid to the customs; tourist tax; tax on the operation of mines and quarries; road tax; income derived from facilities and services provided by the local community; income from assets and activities in the community; taxes and levies for sanitation and public health services; and subsidies and grants from the State or any other legal or natural person.  The communities are responsible for the following: local development, housing and urbanization; transport and public works infrastructure, environment, hygiene and sanitation, primary and nursery school education, literacy training and services for adults, health and social and cultural activities, commercially-traded services and economic investment.  ϲʹ (1998).  WT/MIN(03)/ST/93, 12 September 2003.  The ϲʹ Agreement was ratified by means of Decree No. 95-241 of 5 September 1995. The provisions in the Agreement apply automatically.  ϲʹ document G/L/223/Rev.9 of 12 November 2002.  ϲʹ document G/MA/IDB/2/Rev.17 of 14 October 2003.  ϲʹ documents WT/COMTD/N/11 of 3 February 2000, WT/COMTD/N/ll/Add.1 of 2 March 2001, WT/COMTD/N/11/Add.2 of 22 August 2001, WT/COMTD/N/11/Add.2/Corr.1 of 26 March 2002.  Directive No. 06-2003/CM/UEMOA; http://www.uemoa.int.actualite/2003/ Decl_min_Agri_21nov2003.htm.  Information available [on line]. Available at http://www.africa-union.org.  The Charter establishing the OAU was signed on 25 May 1963. The Constitutive Act of the African Union was adopted at the summit of the Organization of African Unity (OAU) in July 2000 in Lom (Togo). The African Union, which has now replaced the OAU, was proclaimed on 11 July 2001 in Lusaka, Zambia, after ratification of the Constitutive Act by over 44 of the 53 member States of the OAU.  The Peace and Security Council (protocol being ratified), the Commission (created in July 2003), the Pan-African Parliament (protocol being ratified), a central bank, a monetary fund, the African Investment Bank, the Court of Justice (statute prepared), the Economic and Social Council (statute prepared), and technical commissions.  The Treaty establishing the ECOWAS was signed on 28 May 1975. ECOWAS currently comprises 15 countries: Benin, Burkina Faso, Cape Verde, Cte dIvoire, Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone and Togo.  Executive Secretariat of the ECOWAS (2000b).  ECOWAS press release No. 46/1999. See also Executive Secretariat of the ECOWAS (2000a), Chapter II.  Protocol on the application of compensation, adopted on 5 April 2002. This funds resources consist of a community solidarity levy (0.5per cent of the value of imports from outside the ECOWAS) as of 1July2003 in all the West African countries.  Protocol on the definition of the concept of products of origin, adopted by the WAEMU on 5 April 2002. The definition of value added, approval procedures and related documents (for example, certificates of origin) have also been harmonized.  Executive Secretariat of the ECOWAS (2000a).  Decision A/Dec.11/12/01.  African Union (2001).  Information available [on line]. Available at http://www.uemoa.int.  The WAEMU Treaty was signed on 11 January 1994 by Benin, Burkina Faso, Cte dIvoire, Mali, Niger, Senegal, and Togo; Guinea-Bissau acceded to the Treaty on 1 January 1997.  Additional Act No. 4/99.  Benin had signed bilateral agreements with the following: Algeria (1976); Bulgaria (1977); China (1972); Cuba (1989); Czechoslovakia (1979); Democratic Peoples Republic of Korea (1976); Gabon (1986); German Democratic Republic (1978); Ghana (1985); Hungary (1976); Japan (1962); Nigeria (1990); Poland (1978); Romania (1975); Spain (1971); Union of Soviet Socialist Republics (1963); and Yugoslavia (1978).  A National AGOA Commission has been set up to promote production and exports under the AGOA framework; it is to draw up a programme of activities and seek financing.  Additional Acts No. 3/2001, No. 4/2001 and No. 5/1999 respectively.  Decision No. 2/2001.  Decision No. 8/2000.  The Agreement was signed on 23 June 2000 in Cotonou and entered into force definitively on 1April 2003 after ratification. The Agreement replaced the Lom Convention, which had been in effect since 1975 and whose fourth extension expired at the end of February 2000.  ϲʹ document WT/MIN(01)/15 of 14 November 2001. The waiver granted by the ϲʹ (WT/L/186), which extended the waiver under ArticleI (MFN) of the GATT for the Fourth Lom Convention between the ACP countries and the EEC (GATT document L/7604), ended on 29 February 2000.  According to the EU, the option of the generalized system of preferences (GSP) is not on the table. It should be noted that the revised GSP scheme currently in force includes the Everything but Arms initiative in favour of LDCs, which came into effect on 5 March 2001, and allows duty-free entry of all products except arms, with some exceptions (rice, bananas and sugar, to which transitional arrangements apply).  Press release of the trade DG of the European Commission of 3 October 2003.  Executive Secretariat of the ECOWAS (2000a).  ECOWAS press release No. 73/2003 (23 July 2003) (in French only).  World Bank (undated).  The Economist Intelligence Unit Country Profile (2002).  Decree No. 97-292 of 19 June 1997.  Law No. 90-002 of 9 May 1990, amended by Law No. 90-033 of 24 December 1990, Decree No.98453 of 8 October 1998 and Order No. 38/MPREPE/DC/SG/DPI/SACI of 9 December 1998.  Article 1 of Decree No. 98-453 of 8 October 1998 defining the provisions for implementing Law No.90-002 containing the Investment Code, amended by Law No. 90-033.  Investment Promotion Centre (2000) and Investment Promotion Centre (undated).  Such limits exist, however, in the sectoral codes, for example those on telecommunications, cotton and electricity, which are not covered by the Investment Code.  According to the authorities, 26 enterprises have been approved under the Investment Code and a further 16 have also been approved in the category entitled Partial operation. Articles 48 of Law No.90-002 and 32 of Decree No.98-453.  Swimming pool equipment; equipment and machinery; sound, radio and television appliances; equipment for operations; transport equipment; sanitary fitting and ware (Interministerial Order No.1289/MF/MI/CT).  Article 15 of Decree No. 98-453 of 8 October 1998.  Articles 33, 35 and 36 of the Code.  A guarantee that the State of Benin will not take any measure to expropriate investments it has made, subject to public necessity as laid down in the terms of the legislation. In the event of public necessity, expropriation measures must not be discriminatory and must provide for fair, adequate and prior compensation the amount of which is to determined according to the customary rules and practices of international law.  The establishment of an arbitral tribunal through the appointment of an arbitrator by each of the parties and of a third arbitrator by the first two arbitrators.  Chapter III and Title IV of Law No. 90-002 and Titles VII and VIII of Law No. 98-453.  Benin has signed bilateral agreements or treaties on investment with the following: Belgo-Luxembourg Economic Union (2001); Burkina Faso (2001); Canada (1995); Chad (2001); Federal Republic of Germany (1978); France; Gabon (2003); Ghana (2001); Guinea (2001); Lebanon (2003); Mali (2001); Mauritius (2001); Netherlands (2002); Portugal (1984); Switzerland (1973); United Kingdom (1986); and United States of America (1998).  Law on the fundamental principles of denationalization and transfer of enterprise ownership from the public to the private sector. Pursuant to this law, foreign investors may not hold more than 65per cent of the registered capital or assets of privatized enterprises; however, in practice this limit may be raised if the authorities so decide.  According to the authorities, no sector is any longer qualified as strategic.  This privatization was one of the principal provisions of the structural adjustment agreement signed with the World Bank and implemented through an ordinance in January 1996 as an international agreement. According to the Constitution, this ordinance takes precedence over Law No.92-023; therefore, according to the authorities, there is no inconsistency between these special restructuring measures and the legal provisions applicable.  Ministry of Industry, Trade and Employment Promotion (2003).  Article 5 of Law No. 99-001 of 13 January 1999 containing the 1999 Finance Law.  Decree No. 2003-400 of 13 October 2003.  The draft law was approved by the Council of Ministers on 6 August 2003 and transmitted to the National Assembly for adoption under an emergency procedure, where it was considered for the first time on 30 January 2004.  According to the authorities, it is planned to set up the Agency in May 2004.  According to the authorities, this percentage of production for export is extremely attractive compared with the percentages required in the majority of other free zones, which range from 75 to 80 per cent.  Any enterprise that has benefited from a privileged regime under the Investment Code may not be approved for ZFI status until five years after the privileged regime has ended.  At the 37th meeting of the Integrated Framework Working Group, held on 29October 2003, the other members of the Working Group requested the World Bank to give priority to undertaking a technical assessment of Benin as a first step towards its definitive inclusion in the Integrated Framework process. The mission took place from 12 to 16January 2004 with the participation of the ITC and the ϲʹ in addition to the World Bank. Information available at http://www.integratedframework.org.  ϲʹ document WT/COMTD/IF/14 of 12 February 1998.  Phase I of the JITAP (1998-2002) has been implemented in Benin; Burkina Faso; Cte dIvoire; Ghana; Kenya; Tunisia; Uganda; and the United Republic of Tanzania, with support from Austria; Belgium; Canada; Denmark; Finland; France; Germany; Ireland; Netherlands; Norway; Sweden; and the United Kingdom; corresponding to some US$10million (http://www.jitap.org\).  There have been two stages in the implementation of the JITAP programme in Benin. The first phase from 1998 to 2000 and a second phase from 2000 to 2002, marked by the application of the recommendations contained in the mid-term assessment report. Nevertheless, the conclusion in the summary assessment report stated that Benin is probably the country in West Africa where the implementation of the programme has been the least satisfactory. Implementation of activities has been particularly slow and, if the problems persist, it would be more appropriate to halt the programme. (Summary assessment report for the Administrative Direction of the JITAP Programme (May 2002)). The authorities have indicated to the ϲʹ Secretariat that the lack of criteria in drawing up this assessment means that they do not share these views.  ITC document ITC/DTCC/03/2679/4 of 30 April 2003.  Phase II of JITAP (2003-2005) extends its scope to Botswana, Cameroon, Malawi, Mali, Mauritania, Mozambique, Senegal, and Zambia, and is supported by Canada, Denmark, Finland, France, Japan, Netherlands, Norway, Sweden, Switzerland, and the United Kingdom in an amount of around US$14million (ϲʹ Press Release ϲʹ/328 of 20December 2002 and Report on the progress of the JITAP for 2003, period from 1November 2003 to 31January 2004).  Commission of the European Union (2002).  Programme de formation en ngociation daccords commerciaux et dinvestissements internationaux (Training programme for the negotiation of trade and international investment agreements); Concertations conomiques francophones (Francophone economic consultations); Appui technique aux PMA francophones (Technical support for Francophone LDCs); Renforcement des capacits des organisations dintgration conomique rgionale (Capacity-building in regional economic integration organizations). See Organisation internationale de la Francophonie (2002).  Information available [on line] at http://www.afd.fr/projets/projets_pays.cfm?id=2.  This annex has been prepared using, inter alia, information transmitted by the authorities together with that available in the Technical Assistance Database kept by the ϲʹϒs Training and Technical Cooperation Institute.  A reference centre for official users situated in the offices of the Foreign Trade Department and a second, for private operators, in the Benin Foreign Trade Centre.  These covered the following subjects: trade and the environment; the Integrated Database (IDB) and the Consolidated Tariff Schedule (CTS); the Doha Development Agenda and preparations for Cancn; sanitary and phytosanitary measures; technical barriers to trade; the GATS; agriculture; dispute settlement practices and procedures; market access; customs valuation; ϲʹ rules on safeguards and anti-dumping and countervailing measures; review of trade policies; textiles; notifications; and the reference centre.  ϲʹ document WT/COMTD/W/119/Rev.2/Add.1 of 12 Decemb WXTXqvPQR~defvx&+_!~!!!B(J(T)U)**J-N-Q.a.0011222 3o3hZ5B*CJhph hZ5CJ hZ6hK hZ6CJ hZCJjhZ0JUjhZ0J5Uh2h{hZE.7V Ydfwx:D """'' $$a$gd"$a$$$$a$$a$$a$$a$$a$sll'-.%/022 3*3B3L3n3$$$w(($If^wa$gd5{$$$(($If^a$gd5{$$$(($Ifa$gd5{$$$a$$a$$a$ $$$a$gd" n3o33333fVB.V$$wx$If^wgd5{$$x$If^gd5{$$x$Ifgd5{kd$$If4\Iq#B  ; 0p#4U4ao33344$444555566666X7Z7777788999999::::$:%:D:T:U:_:a:h:z:q;z;<======??@@AABBBh2jhZ0JUhqzhZhZ@CJhZ6@CJhqzB*CJhphh3B*CJhph hZCJh"B*CJhph hZCJhhZB*CJhph=33333#4hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd$$If\Iq#B  ; 0p#4U4a#4$4J4h4t44hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd$$If\Iq#B  ; 0p#4U4a444445hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd$$If\Iq#B  ; 0p#4U4a5585V5b55hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd_$$If\Iq#B  ; 0p#4U4a555556hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd/$$If\Iq#B  ; 0p#4U4a66,6J6V66hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd$$If\Iq#B  ; 0p#4U4a666666hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd$$If\Iq#B  ; 0p#4U4a66737M7l7hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd$$If\Iq#B  ; 0p#4U4al7m77777hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kdo$$If\Iq#B  ; 0p#4U4a778%8.8Q8hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd?$$If\Iq#B  ; 0p#4U4aQ8R8|8888hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd $$If\Iq#B  ; 0p#4U4a888889hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd $$If\Iq#B  ; 0p#4U4a99A9999hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd $$If\Iq#B  ; 0p#4U4a99999`:hXD0X$$w($If^wgd5{$$($If^gd5{$$($Ifgd5{kd $$If\Iq#B  ; 0p#4U4a`:a:z::::;;hUPKFAF$a$$a$$a$$a$$$$ 0x*$a$kdO $$If\Iq#B  ; 0p#4U4a;>???`AACFHHI LMQQ4RRR7SS TT!UiU$ & F $Ifa$ $<$Ifa$$a$$a$$a$BBBBBBCC=CACCCCCDD%D&DDD0E1EEEEEE5F6FGG#H$HHHHH K K KMMNNOOPPPP{Q}Q~QQQQQQFRGRRRRRDSESSS.T/TTTTT/U0UwUxUUU V h ICJ hZCJ hZ5CJh IhyrjhZ0JUh2hZhqzPiUUUQVVBWWWWWZZ9\}xph$a$gde $a$gde $a$$a$^kd $$Iflp#p#0p#4 lal $xx$Ifa$$ & F $Ifa$ VVVQV^V_VVVV@WPWQWWWWWHXIXnYoYYZZkZnZD[E[A\B\J]K]]]^^^__ccccddddffhhhhh!i"iTj[jkknn=o>oqq4r5rDrIrооƺЮjhZ0J5UhNh"( hLjhZ0JUhZ hZCJ hZ6CJ h ICJ hZCJh I0JG5CJhZ0JG5CJD9\@`dddfagi#i*lm?op6rs(uKwLwWww$$$a$ $$$a$gde $ @@a$gde $$a$gd"$a$gde $a$gde $a$gde Ir t3t&u'uaufuuuvvvvvvJwKwLwwww%xCxdxexyyy|z|||8<TUXY@DDžȅPmռռռռռռյhZ56CJ hZ6CJ hZCJH* h)CJ he CJ hLCJ hZCJ hZ5CJ hZ6CJ hZ6jhZ0JUhLhZDwwwwwwM=$$$x$Ifa$kd $$Ifl4FF#J 0#    4 lalf4$$$i<<$If^ia$gde $$$<<$Ifa$gde wwexxx1y~zz{$$$x$Ifa$$$ & F< he$If^e`gde $$Jx$If^Jgde $$x$Ifgde {{!{2{{gUUF$($Ifgd)$$($Ifa$gd)kd$$Ifl\F#J 0#4 lal{|U||}~~$($Ifgd)$$x$Ifgd)$ & F? h($Ifgd)$ & F> he$If^e`gd)$ & F= he$If^e`gd)~~~~~gZM@ ($Ifgde $($Ifa$ $(($Ifa$kd$$Ifl\F#J 0#4 lal~~0mn $($Ifa$$$$x$Ifa$($If^gde  & F? h($Ifgde Z(gZFFF9 ($Ifgde  & F@ h($Ifgde $($Ifa$kd$$Ifl\F#J 0#4 lalwhYHA9$$$a$$a$$e(x^e`a$$e(^e`a$$ex^e`a$kd$$$Ifl4FF#J 0#    4 lalf4g#*+`Ĉ͈bcNO'(12\]JKLіҖ ]^^_k?VWnoeg¾кккЮкªк¾Фк hZCJH* hZCJhNjhZ0J5Uhg]h2jhZ0JUh)hZ h)CJ hZ6CJ hZCJ hZ5CJh)hZCJh)h)CJ>2EXfgnYHH$ & Fx$Ifa$tkd9$$Ifl40#v0#4 lalf4$$$ & F$Ifa$gde $$$ & F<<$Ifa$$$$a$aPPP$ & F(($Ifa$kd$$IflF8#8Pv0#    4 lal$ & FCx$If^`Ca$ziii$ & F(($Ifa$kd$$IflF8#8Pv0#    4 lal`[A^Ӗ znfffff^ff$a$gde $a$gde $ @@xa$kd,$$IflF8#8Pv0#    4 lal }^_+3>$$$ `0<<$*$If]a$$$$ `0H<<$*$If^Ha$$$$a$$a$gde $a$gde >?XprR2$$$ & FB h`0x$*$If]a$$$$ & FA h`0x$*$If]a$$$$ `0Hx$*$If^Ha$qkd;$$Ifl0 p# 0p#4 lalˠ'rR2$$$ & FD h`0x($*$If]a$$$$ & FC h`0x($*$If]a$$$$ `0Hx($*$If^Ha$qkd $$Ifl0 p# 0p#4 lalgkmtvǢȢʢ̢1=>"#X\hlz{|ڮۮܮ ¯ܲU] ѿѿѺѺѱѥѿѿjhZ0J5Uhxx h6 hZ6hh2jhZ0JUhZ hZ5CJ hQ5CJ hZ6CJhZ5@CJ hZCJH* hZCJ@rR$$$ & FE h`0(($*$If]a$$$$ `0H(($*$If^Ha$qkd$$Ifl0 p# 0p#4 lal HrR$$$ & FF h`0(($*$If]a$$$$ `0H(($*$If^Ha$qkd$$Ifl0 p# 0p#4 lalHIbrR$$$ & FF h`0(($*$If]a$$$$ `0H(($*$If^Ha$qkdw$$Ifl0 p# 0p#4 lalrR$$$ & FF h`0(($*$If]a$$$$ `0H(($*$If^Ha$qkdF$$Ifl0 p# 0p#4 lalɢrR$$$ & FF h`0(<$*$If]a$$$$ `0H(<$*$If^Ha$qkd$$Ifl0 p# 0p#4 lalɢʢ01saYNNF$a$gde $$$a$gde $$$a$$$$0x^`0a$$$$0^`0a$ $$$xa$qkd$$Ifl0 p# 0p#4 lal1:ïEѺ"R%$a$$a$$a$gde $a$gde $ & FI ha$gde $ & FH ha$gde rst"#RS%&RS`aBCwx"#$\]?@89-.\]wx9:hqzhzp@aJhzpjhzp0JUhyrjhZ0JUjhZ0J5UhZhO&NR`Bw"\?8-\w9'$a$gdqz$a$:'(>?UVcdstde+,PQWX]^Z[_`ij$%QR"#bchzpmH sH  hzpH*jhzp0JUhzpW'>Ucsd+PW]Z_i$$$a$$a$$Q"b> lrlsll$If$a$xg>?dnl l lrlslllllllllllllllllllllllllmͶղhZhzpmHnHu hzp5hlmHnHujhzpUhlU hzp6hzpjhzp0JUhzpmH sH hzp6mH sH 4er 2003.  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