The IOC ACP Countries are all small and vulnerable economies, included Madagascar if the selected definition of these countries is based on economic grounds (e.g. a GDP less than 10 billion US$ and a share of world trade less than 0.05%). Hence trade liberalisation and implementation of EPA lead both to opportunities (in terms of integration to foreign market, specialization and economies of scale, services and factors liberalisation, new information and communication technology development, …) but also to high risks of well-being loss in SE/SIDS, despite the strong efforts some of them have already done to adapt to the new context, concerning economic policy quality and governance.