After tenaciously rolling back the concessions of the 1970s, Cotonou is the decisive step restoring the situation originally wanted by Brussels. The ACP Group is to be split into several free trade areas. The WTO substantially shaped by the EU allows re-installing reverse preferences. Stabex, Lomé’s most far reaching concession, is finally gone. WTO compatibility is likely to undo commodity protocols. Replacing fixed financial commitments by a ceiling Cotonou introduces considerable moral hazard. Delaying disbursements Brussels can pay much less than the maximum stipulated. The word “partnership”, ubiquitous in the Treaty, contrasts critically with its highly unequal power relations.
