This chapter is a study of the political economy of the fourth Lomé Convention. It looks at how Lomé IV was negotiated and the main provisions which were agreed. Next, the results of the aid and trade cooperation system come under scrutiny. The chapter then assesses the attitude of the European Commission to its critics and the outcome of the mid-term review of Lomé IV. Subsequently, the prevailing view that ‘the writing is on the wall’ for the future of the Lomé system is examined. The conclusion argues that the windingup of the Lomé Convention at the end of the century is conceivable-even likely-but undesirable. The main accomplishment of the Lomé Convention is the North-South dialogue it established, not its economic results.