President Jacob Zuma has returned to Pretoria this evening after concluding his working visit to Namibia where he was attending the official opening ceremony of the Southern African Customs Union (SACU) Headquarters held today, 12 November 2015 in Windhoek.
President Zuma said South Africa was encouraged by the current work done by SACU which was an indication that member states (Botswana, Namibia, Swaziland, South Africa and Lesotho) were taking the work of the institution as a matter of priority.
"As leaders we agreed that SACU continues to play an important role in our economies and that it should be transformed into a vehicle for regional integration capable of promoting equitable development and the new SACU Vision. South Africa is impressed by the work of SACU however we have a common view as other member states that we need to accelerate our programmes by taking bold decisions that require a collective commitment towards securing the long-term economic prosperity of our region to the benefit of our people''.
The President added; "As neighbouring countries our economies are intertwined therefore we need to effectively utilise this institution to grow our economies and also contribute in the development of the Southern Africa Development Community (SADC) region. Our economies have resources that can be utilised to spur economic growth through the development of both our agriculture and manufacturing sector. We must redouble our efforts to build and rehabilitate the regional infrastructure that must underpin production and trade growth.”
The President further said SACU should take advantage of the support of the new BRICS Development Bank which aims to fund developmental projects in Africa and other parts of the world. President Zuma said BRICS Bank could play a positive role in funding economic developmental projects of SACU member states.
SACU has been in existence since 1910, thus making it the oldest Customs Union in the world. The Agreement establishing the Union provides for a common external tariff and a common excise tariff to the customs area, with revenue being shared among member states according to a revenue-sharing formula as described in the agreement.
SACU member states are currently in discussions with regard to a roadmap to take SACU from the revenue sharing arrangement and a common external tariff to a developmental integration programme.
President Zuma who is the current Chairperson of SACU for the period from 15 July 2015 to 14 July 2016 was accompanied by the Minister of Finance, Mr Nhlanhla Nene and Minister of Trade and Industry, Dr Rob Davies.
Enquiries:
Bongani Majola
Cell: 082 339 1993
E-mail: bonganim@presidency.gov.za
