26 Jun 2017

Vice President, Mr Mokgweetsi Masisi and his team arrived back on Friday from a Southern African Customs Union (SACU) summit of Head of States and Government held in Swaziland.

The purpose of the summit was for heads of states and government to consider progress made in implementing the SACU Work Programme.

In an interview, the Minister of Investment, Trade and Industry, Mr Vincent Seretse indicated that the one day summit reviewed some aspects of the SACU agreement and its terms of reference, so as to facilitate development of SACU economies.

Regional industrialisation, he said had been identified as a priority area in the SACU work programme as it addressed the formulation of policy initiatives as well as the identification of cross border value chain.

He highlighted that the strive for regional industrialisation were further advanced as part of the review of SACU work programme that would transform the Union away from traditional perception of SACU only serving as a revenue collection and sharing arrangement within the member states.

Mr Seretse emphasised the importance of SACU to Botswana’s economy as the success attained in its objectives translated into achievements in respective member states and

collectively in the region.

He said it was through SACU that increased markets for goods and services from the region could be secured through the various ongoing trade negotiations that were aimed at advancing greater regional and continental integration.

Furthermore, Minister Seretse stated that Botswana would in July officially takeover the chairmanship of the Union, with the next summit scheduled for April 2018.

SACU, which has been in existence since 1910, making it the oldest customs union in the world, is constituted by Botswana, Lesotho, Namibia, South Africa and Swaziland. ENDS