This paper examines the EU development cooperation policy and the Lomé conven-tion system. Development cooperation policy aims to achieve a socially and economi-cally sustainable development in the poorest countries. In 1975 the European Community member states and a group of African, Caribbean and the Pacific countries (ACP-countries) held the Lomé Convention. Today the number of ACP-countries is 70. The trade preferences provided by the Lomé Convention have not been sufficient to enhance the export growth and increase diversification. The continuation of the Lomé Convention after the year 2000 is at present under discussions. Finnish firms can pos-sibly participate in the European Development Fund projects towards the end of 1997.