The demise of the Council for Mutual Economic Assistance and Cooperation (CMEA), the crumbling of the Soviet Union, and the recently signed Europe Agreements (EAs), mark a watershed in international relations and in the economic relations between OECD countries and the former socialist countries, particularly the Central and East European countries (CEECs). This systemic change could also have profound repercussions on traditional economic ties between developed countries (DCs) and less developed countries (LDCs). On the one hand, new opportunities for trade and investment have arisen with the CEECs. On the other hand, the development of trade and aid relations with the CEECs is bound to have some repercussions on the European Union (EU)’s traditional links with LDCs embodied in what is usually referred to as the Lomé Convention.