Tag: free trade

Once upon a time, the European Union dealt with its former colonies (the so-called ACP [African Caribbean Pacific] countries) through the mechanism of the four Lomé Agreements. These provided for non-reciprocal trade relations. The ACP countries were given duty-free access to EU markets (with important exceptions), but they did not have to offer similar concessions to the EU goods. More importantly, through STABEX, the EU provided additional funds that helped ACP countries whose earnings from the exports of primary commodities (like cocoa) dropped due to price fluctuations. Continue reading “Nigeria and the EU”