The European Union is currently engaged in redesigning its trade relations with many of its partners in the Southern hemisphere. The present study assesses the economic implications of the negotiations of Economic Partnership Agreements between the European Union and ACP's regional groupings. These new trade arrangements, natural evolution of the Cotonou Agreements, represent an outstanding opportunity to favour the insertion of ACP countries into the world trade system and a genuine attempt to promote economic development and regional integration in developing world. Is this project bound to fail? Which are the prerequisites to make it work? Which lessons can be drawn from empirical evidences?