New Sacu agreement comes into effect

NAMIBIA and its four fellow members of the Southern African Customs Union (Sacu) have announced the entering into force of the organisation’s new agreement.

Addressing a press conference on the new Sacu agreement at his office in Windhoek yesterday, Prime Minister Theo-Ben Gurirab said some of its objectives included creating an effective, transparent and democratic institution which would ensure equitable trade benefits to member states – Namibia, South Africa, Lesotho, Swaziland and Botswana. “An important difference between this agreement and the previous agreements is that it provides for joint exercise of responsibility over decisions affecting tariff setting, common revenue pool and overall direction of the organisation,” said Gurirab.At the same occasion, the Sacu Executive Secretary Tswelopele Cornelia Moremi said one of the challenges of her office would be to develop common policies between the member states, adding that Sacu had already started free trade area negotiations with several regional trading blocs.”An important difference between this agreement and the previous agreements is that it provides for joint exercise of responsibility over decisions affecting tariff setting, common revenue pool and overall direction of the organisation,” said Gurirab.At the same occasion, the Sacu Executive Secretary Tswelopele Cornelia Moremi said one of the challenges of her office would be to develop common policies between the member states, adding that Sacu had already started free trade area negotiations with several regional trading blocs.