Lomé Convention

(redirected from Lome agreement)
Also found in: Financial.

Lomé Convention

in the law of the EUROPEAN UNION the agreements, the fourth of which expired in 2000, which were the foundation for the Union's links with the ACP (African, Caribbean and Pacific countries) and overseas territories. It became a series of bilateral agreements with more than 60 countries. Originally concluded with a view to the post-colonial situation of some of the member states, it became an instrument of development and aid. The general basis of it was to allow the produce of Convention states to enter the Union free of the common customs tariff but without reciprocity for the Union. Member States were, however, allowed most favoured nation status. A system was developed to assist states that rely on a single product - the Union evens out the good years and the bad years: the downside was that this intervention did not encourage diversification in the beneficiary state. Present arrangements are under the COTONOU AGREEMENT of 2000.
Mentioned in ?
References in periodicals archive ?
26 After the Lome Agreement, the role of peacekeeping started with the formation of UNOMSIL.
109) The first Lome agreement was signed in 1975 by forty-six ACP and nine European countries.
The signing of the first ACP-EEC Lome Agreement in 1975 seemed, therefore, to be the culmination of a decade-long struggle by developing states to achieve these development objectives.
Aid management under the Lome agreement is now criticized for its general ineffectiveness in promoting sustainable development in ACP countries.
The Council dismissed the amnesty provision in the Lome Agreement, noting that "the special representative of the secretary general appended his signature (as a moral guarantor to the Agreement) a statement that the United Nations holds the understanding that the amnesty provisions of the agreement shall not apply to international crimes of genocide, crimes against humanity, war crimes and other serious violations of international humanitarian law.
But the EU defends its proposal, arguing that arrangements under the old Lome agreement are not compatible with World Trade Organisation (WTO) rules and therefore need to be renegotiated.
1999 The Lome Agreement -- ceasefire; RUF to become political party; creation of Government of National Unity; amnesty for members of RUF; DDR; Commission for Management of Strategic Resources (diamonds); release of prisoners; Council of riders to mediate disputes; commitment to human rights and protection of children; funds to pay ex-fighters to help them settle into civilian life.
4) Unfortunately, fighting broke out again in May 2000, the RUF/SL leader who signed the Lome agreement, Corporal Foday Sankoh, was subsequently imprisoned, and many of the operational or administrative bodies that were to be established by the Lome agreement never fully developed.
The Honorable Timothy Lewin, chief executive of London trade finance and counter-trade specialists Financial Research Associates points out that the EC's Stabex fund, which was created to help stabilize the earnings of members of the Lome Agreement will now need to make up the difference, and "it's going to cost an awful lot of money" to meet obligations to those former colonies.
97) In addition, the Lome Agreement provided that Foday Sankoh would serve as the chairperson of the Commission for the Management of Strategic Resources, National Reconstruction and Development (CMRRD), which was vested with the power to monitor the management and exploitation of Sierra Leone's gold, diamonds and other strategic resources.
He also signed undertakings before honourable people like yourself and other guarantors in Lome which he has abandoned by establishing the Special Court against the expressed terms of the Lome Agreement (signed not by me) but I am now being held responsible because you, my Grandpa, whom I believed and trusted, convinced me to take up the leadership of the RUF which I never opted for nor contested.