The signing in Mauritius on 4 November 1995 of the amended fourth Lomé Convention, the aid and trade co-operation agreement between the European Union (EU) and the ACP Group of 70 African, Caribbean, and Pacific countries, brought the Mid-Term Review to its formal completion after protracted negotiations. Established in 1975, Lomé has long been the centre-piece of EU development assistance. In quantitative terms, the European Development Fund, the financial instrument of Lomé, has comprised the largest single portion of EU aid, averaging almost 45 per cent of all disbursements in recent years.1 Qualitatively, Lomé has been regarded as a model of North—South cooperation, mainly due to three special features: it was founded on the principles of equality, mutual respect, and interdependence; it is a legally binding contract negotiated between two sets of countries; and it involves ongoing dialogue through three joint institutions, the ACP—EU Council of Ministers, the Committee of Ambassadors, and the ‘parliamentary’ Joint Assembly.