The Yaoundé II Convention expired in 1974 and was replaced by a new convention signed and bearing the name of Togo`s capital: Lomé. The creation of a new preferential trade agreement instead of a continuation of the old one was achieved both by unsatisfactory results of the previous agreement and by changes in the European policy framework. From the point of view of the developing countries, the demand for new negotiations was triggered by the strong neo-colonial aspects still visible in the Jaunde Agreement and by the disappointing economic results it had achieved. From a European point of view, the development strategy moved from a regional to a more global approach with the introduction of the Generalised System of Preferences (GSP) in 1971. At the same time, the United Kingdom`s accession to the European Community in 1973 meant that the French-speaking emphasis of development policy was quickly transferred to the developing countries of the Commonwealth of Nations. Under the new agreement, the EU can be more selective and flexible in the allocation and use of its development resources. The allocation of development assistance is based on an assessment of a country`s needs and performance and involves the possibility of regularly adjusting financial resources accordingly. In practice, this means that more money can be transferred to “good performers” and the share of “bad performers” can be reduced. In 1969, the agreements of the first Yaoundé Convention were renewed by the second Yaoundé Convention, which lasted until 1975. The Lomé Convention is a trade and assistance agreement between the European Economic Community (EEC) and 71 African, Caribbean and Pacific (ACP) countries, first signed in Lomé (Togo) in February 1975. The first cycle of the EDF was designed for a period of five years and entered into force in 1959 (now in the 10th cycle and with a budget of EUR 22.7 billion).  In the end, however, many OCTs had regained their independence and new rules were needed. In 1963, representatives of EEC Member States and 17 African countries as well as Madagascar met in Yaoundé, Cameroon, to sign their first historic Partnership Agreement.
The group of developing countries that signed the final agreement benefited from preferential trade regimes such as duty-free access for certain African products to the European market. In addition, it was agreed to continue the assistance through the EDF and the European Investment Bank (EIB) (p. .Share