03 Jul 2022

 The strategic direction being pursued by the Southern African Customs Union (SACU) is critical to the region’s post-COVID 19 economic recovery process, President Dr Mokgweetsi Masisi has said.

Giving a keynote address at the Seventh SACU Summit of Heads of State and Government in Gaborone on Thursday, President Masisi said through its pursuit of industrial development, the regional trade block was important to economic revival of member states of Botswana, South Africa, Namibia, Lesotho and eSwatini.

 “In addition to efforts aimed at reviving our economies, of critical importance is how we can also make [them] more resilient when faced with the prospect of similar crisis in the future,” he said.

Dr Masisi, who is the union's chairperson, said the first ever Ministerial Investment Roundtable, held by the organisation in Gaborone in April, and the adopted SACU strategic plan would assist in that regard. 

“The Roundtable forms part of the key deliverables in the broader SACU Industrialisation, Export and Investment Promotion; and the Trade Facilitation and Logistics Programme. Equally, we welcome the adoption of the SACU Strategic Plan, which outlines Strategic Pillars which will inform actions and responses to emerging international, continental and regional opportunities and challenges,” Dr Masisi said. 

He added that in implementing its trade agenda, SACU should position itself to fully benefit from the African Continental Free Trade Agreement and SACU trade agreements with third parties such as the Europeam Union, European Free Trade Association and the Southern Common Market (better known by its Spanish acronym MERCUSOR) among others. 

President Masisi noted further that the global economy, which had started recovering from contraction occasioned by the COVID-19 pandemic over the last two years, was taking a knock from the Russia-Ukraine conflict, with a steep rise in global food and energy prices. 

As such, Dr Masisi urged SACU members to work toward making their economies more resilient and collectively harness efforts towards economic recovery plans through coordinated mutual partnerships.

President Masisi lauded the SACU Secretariat for having ensured that the work of the union continued uninterrupted, largely through investment in information and ICT systems, which enabled hosting of digital meetings. ENDS