President Mokgweetsi Eric Masisi, who is also the Chairperson of the SACU Heads of State and Government will this Friday (June 29th) host the 6th SACU Summit in Gaborone.
The five Heads of State and representatives of SACU Member States, which are, the Kingdom of Eswatini, (formerly Swaziland), the Kingdom of Lesotho, the Republic of Namibia and the Republic of South Africa will attend the summit.
The meet will consider progress being made on the implementation of the Ministerial Work Programme, which was approved by the SACU Council of Ministers and endorsed by the Summit last year in Eswatini.
This 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.
Chairman of Commission, Dr Taufila Nyamadzabo noted that SACU facilitates cross border movement of goods between the territories of the member states, through creation of effective, transparent and democratic institutions, which ensured reasonable trade benefits to member states.
Nyamadzabo also said that there are no tariffs barriers among members while there are external tariffs against non-members.
He said members share in a common revenue pool consisting of all customs, excise and additional duties collected in the common customs area.
Executive Secretary of SACU, Paulina Elago said the work programme would focus on establishment of a Stabilisation Fund and a financing mechanism for regional industrialisation.
She said the programme is implemented fewer than two ministerial task teams of finance and industry and trade.
According to Elago, SACU was working on exploring mechanisms for financing industrial development and regional infrastructure.
“We are reviewing the revenue sharing formula, exploring the feasibility of setting up the stabilisation fund. We are also looking at tools and interventions to promote industrialisation and regional value chains among others. Since June last year the ministerial task teams have been meeting so what we will be looking at now primarily is to report progress to summit,”Elago said.
The summit, Elago further explained will also look at progress on trade agenda.
Elago said they also negotiate trade agreements with third parties in the continental free trade area following the declaration signed at African Union summit in March.