Fifty-seven developing countries are due to sign a seven and a half billion dollar trade and aid pact with the European Common Market (EEC) in Lome, Togo on Wednesday (31 October).
Fifty-seven developing countries are due to sign a seven and a half billion dollar trade and aid pact with the European Common Market (EEC) in Lome, Togo on Wednesday (31 October). The five-year agreement, shaped during twelve months of tough negotiations, will replace the first Lome Convention which ruled economic relations between the two groups since 1976.
The streets of Lome were decorated with portraits and flags of the visiting heads of state. The group called ACP includes fifty-seven developing countries from Africa, the Caribbean and the Pacific. The ACP and the nine-nation EEC have made it plain that they consider the final accord a compromise. The total aid package i about one-half of the original ACP demand and about double that contained in the first Lome agreement . The pact covers a wide range of topics from trade cooperation to a joint declaration on migrant workers, and from sea fishing to mining.
It will guarantee the ACP countries free access to the EEC market for ninety-nine point five percent of their exports.
A solution to the contentious question of investment guarantees for the ACP states has not been officially announced, and the differing viewpoints on human rights were expected to surface during officials speeches at the signing ceremony, on Wednesday (31 October).