Implications of the lome convention for African trade and development

Conclusion

The analysis presented here does not support the contention that the Lomé Convention is a turning point in the history of relations between rich and poor nations, and the herald of a new economic order, more just and equitable. While Lomé does not represent radical departures from the present system, it reflects the realization by the vulnerable, resource-poor EEC that some concessions had to be made in the fields of trade and aid. The reforms include: greater trade preferences; STABEX; some participation in the decision-making process of the EDF; financing of economic integration among the ACPs. These modifications, however, do not repudiate the present system, but rather make it more viable. The power of the multinationals is in no way affected, and the pattern of unequal development is left intact. Lomé-type relationships between the poor and rich countries will at best provide the elites with increased resources which might lead to national capitalist development, strengthening of the elites’ material base, and reproduction of the structure of dependence and inequality.

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Garrity, M.P. Implications of the lome convention for African trade and development. The Review of Black Political Economy 8, 5–26 (1977). https://doi.org/10.1007/BF02689456

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Keywords

  • Black Political Economy
  • European Economic Community
  • Export Earning
  • Industrial Cooperation
  • European Development Fund