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The European Development Fund and Economic Partnership Agreements

image of The European Development Fund and Economic Partnership Agreements

African, Caribbean and Pacific countries face a huge transformation as they attempt to adapt to a more liberalised global market. They have agreed to negotiate Economic Partnership Agreements (EPAs) with the European Union to assist with this adaptation. The European Development Fund is the main instrument of the EU for helping these countries. This Economic Paper argues that despite the commitments about aid made at the 2005 G8 summit in Gleneagles, Scotland, by the EU, the EDF is underresourced. Moreover, there are serious doubts as to the effectiveness of the fund in providing timesensitive assistance to ACP states with adjustment. Instead, the contributors propose a separate EPA adjustment facility. If EU countries meet their target aid figures, they could fund both the traditional EDF programmes and an EPA adjustment programme. For economists and international trade specialists concerned with the effects of trade liberalisation on developing economies.

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EU Assistance to ACP Countries since 1975

Table 2.1 sets out the financial allocations made under successive ACP-EU co-operation agreements by EU member states and mobilised by the European Investment Bank. This constitutes the new financial allocation made to ACP-EU co-operation activities at the beginning of each successive ACP-EU co-operation agreement. It does not include additional supplementary allocations which may have been made during the course of the lifetime of the agreement, or funds which may have accrued as interest on monies held by the European Commission, or funds ‘rolled over’ from previous agreements for administrative purposes.

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