In 2005-2006, Mali was the largest African cotton producer, and also produced the best quality cotton. Cotton is thus part of the rich cultural heritage that has developed around the textile industry. The cotton industry reflects the conflict of sharing the added value between the various stakeholders. It bears witness to the asymmetrical international relations not only between producing countries and industrial countries, but also between bi-lateral cooperation and multilateral financial institutions such as the World Bank. It is also a geopolitical issue. Mali is one of four States that lodged a complaint against US subsidies at the WTO and the cotton file was a source of conflict both in Hong Kong (December 2005) and Cancun. Analyzing the evolution of the cotton sector and the main reforms thus sheds light on the links between the economy and politics. The very complex cotton "knot" is one that needs to be unraveled.