JOHANNESBURG - South African Trade and Industry Minister Dr Rob Davies and Finance Minister Tito Mboweni are in Maseru, Lesotho, where they will attend the Southern African Customs Union (SACU) "Council of Ministers" meeting on Thursday.
Lesotho is the current chair of SACU, whose members are Botswana, Eswatini, Lesotho, Namibia and South Africa, for the period 16 July 2018 to 15 July 2019.
"The meeting will deliberate on matters internal to SACU such as the administration of the customs union, negotiations with third countries or regions, including, the Africa Continental Free Trade Area negotiations, the SACU-COMESA –EAC Tripartite Free Trade Area negotiations, implementation of the SADC-EU Economic Partnership Agreement, review of the SACU-European Free Trade Association (EFTA) Free Trade Agreement (FTA)," said Sidwell Medupe, spokesperson for the department of trade and industry.
As a customs union, SACU levies a common external tariff, collect revenue from the common external tariff into a common revenue pool and share it according to an agreed formula.
The customs Union established a Secretariat, which manages the affairs of the customs union and reports quarterly to the Senior Finance and Trade and Industry Officials and subsequently to the Council of Ministers.
- African News Agency (ANA)