The Southern African Development Community (SADC) and the Southern African Customs Union (SACU) on 14th October, 2022 signed a Memorandum of Understanding aimed at enhancing regional integration, economic and social development through mutual cooperative relationship in the Southern African region.
The SADC Executive Secretary H. E Mr. Elias M. Magosi and the SACU Executive Secretary of SACU, Her Excellency Paulina M. Elago, signed the MoU, which provides a framework upon which the Parties will collaborate on various programmes and activities as set out in the agreement.
In signing the MoU, the SADC Executive Secretary and the SACU Executive Secretary hailed the signing of the MoU as one of the milestones and reiterated their commitment to implement it for the benefit of the citizens of the region.
Through the MoU, SADC and SACUs will work together to promote close cooperation and consultation on matters of mutual interest and coordinate their efforts to strengthen collaboration to promote industrialisation; regional and international trade; and ultimately contribute to the economic and social development of their Member States.
The implementation of the MoU between SADC and SACU will facilitate exchange of information, related to Trade and Industry, Economic and Finance, Trade Facilitation and Rules of Procedure and practices of Institutions. Under Trade and Industry, particular attention will be placed on Industrial development; development of Regional Value Chains; funding of Regional Value Chains Projects; long-term Sugar Market Arrangement and support to trade negotiations and implementation of Trade Agreements.
Regarding cooperation in Economic and Finance, the MoU will focus on the implementation of the Macroeconomics Convergence targets and the monitoring of the performance of the indicators; exchange of information on the Harmonised Consumer Price Index; and exchange experiences and research work on macroeconomic-related studies.
In Trade Facilitation, the two institutions will collaborate on customs issues; border coordination, transit measures, trade-related information management and collaboration amongst stakeholders mandated to facilitate trade; transport and logistics activities; and any cross-cutting policy imperatives for trade facilitation.
