Lome Convention - Definition
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What is the Lome Convention?
This was an agreement by the European Community to provide aid and extend trade and tariff preferences to 62 African, Caribbean and Pacific (ACP) states.
First held in 1975 at the capital of Togo, Lome, it was an agreement to increase foreign aid to about 71 countries by the European Community. This allows them to export goods duty free to Europe based on the provision that they do not compete with European goods.
After coming into effect in 1976 and renegotiated several times, it was replaced by the Cotonou Agreement in 2000 when the World Trade Organization (WTO) ruled it anti-competitive.
A Little More on What is the Lome Convention
Designed to provide a new framework of cooperation between the then European Economic Community and developing African, Caribbean and Pacific countries with emphasis on former British, Dutch, Belgian and French colonies, the first Lome convention (Lome 1) came into force in April 1976. It was focused on the aid and investment commitment of the EEC to the ACP countries and provision for duty free exports of most ACP agricultural and mineral exports into the EEC with a preferential access given to products such as sugar and beef. Having been renegotiated and renewed three times, the WTO in 1995 petitioned by the US ruled against the Lome convention. The set up of another panel to discuss the dissatisfaction of the US led to the European Union negotiating an agreement with the US through the WTO.
Academic Research on the Lome convention
- The European Community and the third world. The Lome Convention and its impact.,Frey-Wouters, E. (1980). In The European Community and the third world. The Lome Convention and its impact.. Praeger Publishers..The book carries out a historical review of the Lome convention, the extent to which it meets its developmental needs of the ACP countries and its current arrangements for trade, aid and stabilization of export earnings through STABEX. Furthermore, there is an analysis of the character of the convention and its general impact on the third world which is mostly favorable despite the existence of a few risks. The
- Lome Convention: updated dependence or departure toward collective self-reliance?, Green, R. H. (1976). African Review, 6(1), 43-54. Being the most important ACP EEC agreement from the third world perspective, the journal carries out an argument on the Lome convention. This is based on the question on whether it is an updated dependence or a move towards interdependence and collective self reliance.
- Lome Convention and the New International Economic Order, The, Simmonds, K. R. (1976). Common Market L. Rev., 13, 315. This journal assesses the first Lome convention and its touting as the means of ushering in a New International Economic Order.
- Second Lome Convention: The Innovative Features, Simmonds, K. R. (1980). Common Market L. Rev., 17, 415. The author examines the innovative features of the second Lome convention of October 1979. It also looks at its unresolved issues and prospects for operation.
- Market access for Nigeria's exports in the European Union: An assessment of the impact of the Lome Convention and the Uruguay Round, Ogunkola, E. O., & Oyejide, T. A. (2001). The Nigerian Journal of Economic and Social Studies, 43(1), 15-45. The paper carries out an analysis of the changes brought about the Uruguay Round Agreement and the Lome Convention on Nigerias experts and trade pattern. It also examines Nigerias Policy towards trade over the years and the application of the market share model to Nigerias exports to the EU.
- Trade developments during the first Lome Convention, Moss, J., & Ravenhill, J. (1982). World Development, 10(10), 841-856. The journal analyses the trade between the European Economic Community and 46 ACP states over a five year (1975-1979) period. It declares that despite being hailed as the model for a New International Economic Order, the Lome convention did not bring about any significant change between the EEC and the ACPs. This is as a result of the failure of the ACPs to achieve diversification and maintain their shares of the EEC markets.
- New Departures in Multilateral Trade, Development and Cooperation: The Lome Convention and Its Impact on the United States, Laing, E. A. (1975). Mercer L. Rev., 27, 781. The paper attempts a discussion of the Lome convention in relation to trends in multilateral trade, development and cooperation. It also assesses the impact of the agreement on the United States.
- Stabilisation of Export Earnings (Stabex) in the Lome Convention, Nabudere, D. W. (1976). U. Ghana LJ, 13, 59. The article focuses on an assessment of the Stabilization of Export Earning (STABEX) provisions of the Lome convention in relation to the other provisions.
- Lome Convention: Implementation and Renegotiation, The, Simmonds, K. R. (1979). Common Market L. Rev., 16, 425. The author carries out a review of the Lome convention, its operation and implementation in the move towards a renegotiation.
- Implications of the lome convention for African trade and development, Garrity, M. P. (1977). The Review of Black Political Economy, 8(1), 5-26. While not supporting the popular assertion that the Lome convention heralds a New Economic Order, the journal takes a look at the Lome convention as a means of giving the ACPs some concessions in the field of trade and aid by the EEC. It asserts that these adjustments make the existing system more viable rather than reversing it because this type of relationship provides the elites with increased resources.
- The lome convention and the new international order, Parfitt, T. W. (1981). Review of African Political Economy, 8(22), 85-95. Summarizing the components of the convention, the paper examines the main arguments for and against the Lome convention of 1975.