Lomé Convention(redirected from Lome agreements)
Also found in: Financial.
Lomé Conventionin 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.
Collins Dictionary of Law © W.J. Stewart, 2006