Lome_Convention

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Lome Convention

Lome Convention, trade and aid agreement between the European Union (EU) and African, Caribbean, and Pacific (ACP) countries, first signed in February 1975 in Lome, Togo. The Lome Convention provided a framework of cooperation between the European Community (EC)predecessor of the EUand former British, Dutch, and French colonies in the developing world. The agreement enabled most ACP agricultural and mineral exports to enter the EC free of tariff. In addition, the EC provided assistance to ACP nations to protect against fluctuations in the world prices of agricultural and mineral exports. It also committed $3.8 billion toward aid and investment in ACP countries. Subsequent renewals of the Lome Convention have steadily increased aid and investment expenditures, which amounted to $17.9 billion in 1995.

By the end of the 1990s the EU and the

By the end of the 1990s the EU and the ACP found that the Lome Convention had not been successful at addressing the problems of poverty and underdevelopment in ACP nations. Trade between the two sides had actually decreased almost 7 percent between 1976 and 1998. In 2000 a new treaty, the Cotonou Agreement, replaced the Lome Convention. This agreement is much broader and designed to increase both economic cooperation and political dialogue between ACP and EU nations. "See also "Foreign Trade; International Relations.

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