… In the same year, members approved the Lomé Convention, a development aid package and a preferential trade agreement with many countries in Africa, the Caribbean and the Pacific. Members also attempted to jointly manage their exchange rates, which led to the creation of the European monetary system in 1979. The Lomé Convention is a trade and assistance agreement between the European Economic Community (EEC) and 71 countries in Africa, the Caribbean and the Pacific (ACP), first signed in Lomé (Togo) in February 1975. The second Lomé agreement was signed on 31 October 1979 with 59 ACP countries. The agreements formed the basis for the Mining Export Revenue Stabilization System (SYSMIN), which enabled the EEC to provide urgent financial assistance to ACP states, which are experiencing severe upheaval in the mining industry, if they accounted for a large part of their total export volume over a four-year period. The endowment of the European Development Fund (EDF) under Lomé II was twice that of Lomé I. In 1995, the U.S. government went to the World Trade Organization to determine whether the Lomé IV Convention had violated WTO rules. Subsequently, in 1996, the WTO`s dispute resolution body ruled in favour of the applicants, effectively ending the cross-subsidies that ACP countries enjoyed for many years. However, the United States remained dissatisfied and insisted that all preferential trade agreements between the EU and ACP countries cease. The WTO`s dispute settlement body has set up another body to discuss the issue and has concluded that agreements between the EU and ACP countries are not compatible with WTO rules. Finally, the EU negotiated the WTO with the United States in order to reach an agreement.
  … Several major peaks; The first Lomé Convention was signed there in 1975, establishing an aid and exchange agreement between the countries of Africa, the Caribbean and the Pacific (ACP) and the European Union. Pop. (2010 prelim.) 750.757; Urban agglom., 1.348.619. Five generations of ACP-CE agreements The new partnership agreement between the 15 Member States of the European Union (EU) and the African, Caribbean and Pacific (ACP) states marks five generations of agreements between sovereign ACP states. It is the most important financial and political framework in the world for North-South cooperation. This particular partnership is characterized by its non-reciprocal trade advantages for ACP countries, including the unlimited entry into the market of 99% of industrial products and many other products, particularly for the least developed countries (LDCs), which are in the ACP 39 group.