Paternality and Partnership? EU-ACP Economic Partnership Agreement and Implications for Nigeria's Oil Sector Development

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Contemporary pattern of relationship between European Union and Africa-Caribbean and Pacific countries reflects more than two centuries of unequal exchange. Unequal exchange between the North and the South denotes the falling terms of trade for underdeveloped countries, while correspondingly increasing the terms of trade for the developed countries. It has to do with the manner of incorporation of the poor countries into the world capitalist, especially through trade, where the poor countries specialize in export of raw materials, while the developed countries concentrate in the exports of manufactured products. (Baran, 1968, Amin, 1976). This relationship has consistently perpetuated the development of underdevelopment. It is a relationship that first started on the basis of commercial interactions between early European explorers and indigenous fishermen most especially in the coastal areas of the Delta. (Bathily, 1994). This fact contrasts with the ideas of scholars like (Hurt, 2010, 2003, Risen 2007, Farber and Orbie, 2009) who trace the relationship between these two economic blocs to the Treaty of Rome and colonialism. For example Reisen argues that “contemporary relations between the EU and the developing world continue to be shaped by three interrelated historical circumstances: European colonialisms, the cold war, and the creation and various waves of enlargement of the EU” (Reisen, 2007: 59). Stephen Hurts also shared this view when he asserts that the EU’s relationship with Africa can be traced back to the Treaty of Rome. (Hurts, 2010).

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