21 Jun 2018

Botswana is to host the 6th Southern African Customs Union (SACU) summit scheduled for June 29.

SACU chairperson President Mr Mokgweetsi Masisi is expected to officially open the summit that will be attended by heads of state or government and representatives of SACU member states.

eSwatini’s King Mswati III, Lesotho’s Prime Minister Thomas Thabane as well as presidents of Namibia Dr Hage Geingob and South Africa’s Mr Cyril Ramaphosa are expected to attend.

A news release from SACU explains that prior to the summit, there will be meetings of SACU institutions comprising trade and industry and finance senior officials task teams June 23-24 followed by Finance and Audit Committee June 24.

“SACU Commission meeting will be held on June 25-26, ministerial task teams on trade and industry and on finance on June 26 while the 35th meeting of the SACU Council of Ministers commences on June 27 to 28.”

The release says the summit will consider progress made on the implementation of the ministerial work programme approved by the SACU Council of Ministers and endorsed by the summit in June 2017.

“The work programme was developed following introspection of SACU’s relevance and as an organisation that supports the economies of its member states by the council of ministers at their 3rd retreat held in June 2016,” it states.

It states that key activities and focus areas of the work programme include the review and development of a suitable structure on tariff-setting and application of tariffs, rebates, refunds or duty drawbacks and trade remedies.

The plan also includes strengthening existing cooperation and collaboration on trade facilitation to improve border efficiency as well as the review of the revenue sharing formula, long-term management of the Common Revenue Pool and establishment of a Stabilisation Fund and a financing mechanism for regional industrialisation.

Work will be undertaken to explore the feasibility for financing options for regional projects and development of public policy interventions to promote industrial development and value chains, it says. ENDS