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Lome Convention

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Lome Convention
A former agreement between the European Community and 71 developing countries allowing for the duty-free export of most goods to Europe, provided they did not compete with European goods. It also increased foreign aid to the developing countries. Most developing participants were former British, Belgian, Dutch or French colonies. The Lome Convention came into effect in 1976 and was renegotiated a number of times before the World Trade Organization ruled it anti-competitive in 1995. In 2000, it was replaced by the Cotonou Agreement.


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The European Union (EU) and the 76 members of the African, Caribbean and Pacific (ACP) group of states are currently re-negotiating trade agreements that will define their future commercial relations now that the policy of preferential access to European markets that began with the Lome Convention in 1976 has finally come to an end.
This trade agreement, which allowed all ACP states to export many goods duty free or with reduced tariffs, was finally signed as the Lome Convention in 1975.
The country gave the name of its capital to one of the key agreements in development history--the Lome Convention which regulated trade and aid between the African, Caribbean and the Pacific group of countries and the former European Economic Community.
 
 
 
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