Lome Convention An international aid an trade agreement between the e ACP an the EU. Aimed at supporting the ACP states efforts to achieve comprehensive self reliant an self sustained development. Lome I 28 th February 1975. Lome II 1979. Lome III 1985. Lome IV 1990-2000.
Covenants of the Convention Cooperation is based on partnership, equality, solidarity an mutual interest. Recognises the principal of sovereignty and the right to define own development strategies an policies. Affirming development centered on people. Respect and promotion of human, political, social and economic rights. Establishment of development finance cooperation chapters. Environment, agriculture, rural development, fisheries, trade, cultural and social cooperation, etc.
Reasons Assist ACP states development. Duty-free access for export. Commodity export compensation. Financial aid.
Cotonou Agreement Signed 23 rd June 2000 between ACP and the EU. Duration for 20 years, from March 2000 to February 2020. First Revised in 2005. Focused on development cooperation, economic and trade cooperation and political dimension.
Economic Partnership Agreement Latest agreement between the ACP (seven regional groupings) and the EU. Effective from 2008. Allows for WTO compatibility. Involves the phase out and removal of trade preferences. Progressive removal of trade barriers. Provides for the maintenance of limited protection for vital products.