Magazine article Geographical

EU Strikes Trade and Aid Deal

Magazine article Geographical

EU Strikes Trade and Aid Deal

Article excerpt

This month representatives of the European Union countries meet their African, Caribbean and Pacific counterparts, the so-called ACP countries, in Suva, the capital of Fiji, to sign a new trade and aid agreement. The new Suva Convention replaces the Treaty of Lome, which governed trading relationships between the EU and the 71 ACP countries for 25 years. The Lome Convention expired at the end of February and the new deal is expected to last for 20 years.

Until now EU trade agreements have been more generous to ACP countries than to other developing nations. The negotiators, however, have had to adapt to the strict requirements of the World Trade Organisation (WTO), which did not exist the last time Lome was updated. Discrimination between developing countries is no longer allowed. The new agreement seeks to erode these differences and to encourage the liberalisation of trade.

While foreseeing the progressive opening up of markets, existing arrangements will remain in force during an eight-year transitional period. Beyond that, to 2020, new trading arrangements, including regional economic partnerships, will gradually be adopted. In addition, 39 of the poorest ACP countries will be guaranteed free access to European markets by 2005. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.