Established in 1975 in Lomé, Togo, the treaty preserved some of the preferential access rights of members of the Commonwealth of Nations to the United Kingdom market on its entry into the Union. It was renewed in 1979, 1985, 1989, and 2000 before being succeeded by the Cotonou Agreement.
External links
A history of the Lomé Convention (http://europa.eu.int/comm/development/body/cotonou/lome_history_en.htm)
The LomeConvention is an international aid and trade agreement between the ACP (African Caribean and Pacific Countries) group and the European Union aimed at supporting the "ACP states' efforts to achieve comprehensive,self reliant and self-sustained development.
The current Convention, the LOME IV covers the period from 1990 to 2000 and is the most extensive development co-operation agreement between North and Southern countries both in term of scope (aid and trade) and the number of signatories.
The Commission's Green paper examines the achievements of the conventions and disscusses the possible future arrangements as well as the changes that might need to be in the present set-up to cope with the changes in the global situation in recent years.
One of the weakness of the first three Lomé Conventions was that the design of the ACP countries' preferential access to EU market was based on selected, mainly traditional, commodities,and this tended to discourage diversification of ACP economies in general and industrialisation in particular.
In their study on the relationship between macro-economic adjustment and private investment in developing countries, the authors of a recent study conclude that it is crucial to protect public expenditure on infrastructure during the adjustment process to encourage the recovery of private sector investment and growths (Serven and Solimano, 1991: 95).
First, the Lomé Convention explicitly states that ACP "reforms that are acknowledged and supported at least by the multilateral donors or that are agreed with such donors but not necessarily financially supported by them, shall be treated as having automatically satisfied the requirements for adjustment assistance", (ACP-EU Courier (155): 65).
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