Convention A series of agreements between the European Economic Community (EEC) and a group of African, Caribbean, and Pacific (ACP) states, mainly former Euopean colonies, that provide duty- free or preferential access to the EEC maket for almost all ACP exports. The Stabilization of Export Earnings (Stabex) scheme, a mechanism set up by the Lomé Convention; provides for compensation for ACP export lost thorugh fluctuations in the world prices of agricultural commodities. The Lomé Convention also provides for limited EEC development aid and investment funds to be disbursed to ACP recipients thourgh the European Development Fund and the European Investment Bank. The Lomé Convention is updated about every five years. Lomé I, took effect on April 1, 1976; Lomé II, on January 1, 1981; Lomé III, on March 1, 1985; and Lomé IV, on December 15, 1989.