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President Jacob Zuma addresses 5th Southern Africa Customs Union (SACU) Summit

June 26, 2017 2:00 pm

The purpose of the Summit was for the Heads of State and Government to consider the Report of the council, on the progress made on the implementation of the Roadmap to reinvigorate the SACU Work Programme endorsed by Heads of State and Government on 12th November 2015, in Windhoek, Namibia.

The summit endorsed the Work Programme based on the outcomes of the 3rd Ministerial Retreat which outlines detailed activities, key deliverables and the timelines within which the proposed activities will be undertaken. Focusing on the following:

The review and development of a suitable architecture for tariff-setting, rebates, duty drawbacks and trade remedies;

Review of the revenue Sharing Formula and the long-term management of the Common Revenue Pool;

The establishment of Stabilisation Fund and exploring the feasibility of a financing Mechanism for regional industrialisation;
Identifying financing options for regional projects and

The development of public policy interventions to promote and align industrial development and value chains.

The summit also focused much attention on the negotiations for the review of the 2002 SACU Agreement, to facilitate the development of SACU economies.

Read more: http://www.gov.za/speeches/president-zuma-concludes-successful-visit-swaziland-sacu-summit-24-jun-2017-0000

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