Trade developments during the first Lomé Convention

The Lomé Convention signed in 1975 between the European Economic Community (EEC) and 46 African, Caribbean and Pacific (ACP) States, was hailed as a model for a New International Economic Order. This article analyses the trade between the two groupings during the five years (1975–1979) of the first Convention, in the context of world trade. In general there was no substantial change in trade flows. Contrary to ACP aspirations for an improvement in their export performance with the Europeans, the EEC share of ACP exports declined. Despite the Convention's provisions, the ACP even failed to maintain their shares of the EEC market, actually faring worse than other non-oil LDCs. Little diversification was achieved in ACP exports. In contrast, the EEC maintained its position in ACP markets.