Economic Networkingâ€Exploring Alternatives for Promoting...

Economic Networking—Exploring Alternatives for Promoting Sustainable Development in Africa INTRODUCTION The history of European aid intervention in the African, Caribbean and Pacific (ACP) states has traditionally acted to reinforce the hierarchical distinction between the â€Å"developed† and the â€Å"developing† world. The series of Lome Conventions which granted preferential trade agreements between these groups of countries have proved ineffective in encouraging economic sustainability in the ACP states, and although the ACP includes most of the Least Developed Countries (LLDCs) in the world, the agreements have been criticized as being unfair in the global context. Under pressure to negotiate a new ACP-EU agreement that would be†¦show more content†¦The end of World War II, the formation of the United Nations and increased sense of nationalism worldwide prompted the end of colonialism. During the surge of independence movements in the late 1950s and early 1960s, Kwame Nkrumah led 32 African nations to form the Organization of African Unity in May 1963 (â₠¬Å"Creation of the OAU). The OAU aimed to promote unity on the continent in order to support the political and economic autonomy of the newly independent African countries and ensure that Africa had a strong voice in the global arena. Around the same period, the formation of the European Economic Community (EEC) and the ACP introduced channels for international collaboration (See Figure 1). The first official move by the EEC to develop a consistent strategy for allocating aid to ex-colonies was enacted in the Yaonde Convention of 1963, which targeted African countries. The first Lome Convention of 1975 addressed the larger group of ACP states (See Figure 2). Although the notion of economic reparations was offered as partial motive for negotiating these agreements with the newly independent states, one of the main incentives for European countries was the establishment of a consistent source of raw materials and a stable market for the export of mining machinery andShow MoreRelatedThe Impact of Agricultural Sector on Economic Growth in Nigeria18675 Words   |  75 PagesAgricultural Economics of Nigeria: Paradoxes and Crossroads of Multimodal Nature Professor Eric C. 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