ZCZC
BCN-37
S.AFRICA-ECONOMY-RECOVERY
SACU express optimistic of economic recovery
GABORONE, June 28, 2018 (BSS/Xinhua) – Southern African Customs Union
(SACU) is optimistic of economic recovery driven by improved commodity prices
and the continued growth in the advanced and emerging economies.
Kenneth Matambo, Botswana Minister of Finance and Economic Development,
said at the opening of the 35th SACU Council of Ministers meeting in
Gaborone, capital of Botswana on Wednesday that in line with global growth
prospects brought by optimism in global economic growth, SACU was also
projected to improve in the medium term.
The SACU Council of Ministers meeting was held on Wednesday as one in a
series of meetings that make up the SACU 16th Summit that started in Gaborone
on Monday.
The focus of the SACU Council of Ministers meeting was to consider the
progress report on the implementation of the work program for the Ministerial
Task Teams that will be presented to the sixth Summit scheduled for June 29.
The meeting will receive progress reports from the Ministerial Task Teams
on Trade and Industry and on Finance.
He said while SACU member states remained positive on the global growth
prospects, they were equally concerned about the rising protectionism and
looming trade war between the U.S. on one hand and its trading partners on
the other.
Matambo, therefore, said there was urgency for engagement at the multi-
lateral levels to reach common ground and to contain these developments.
With regards to implementation of the work program for the Ministerial
Task Teams, the secretariat has consolidated member states national position
papers, which he said has resulted in the identification of areas of
convergence and divergence and those that need further discussions by the
member states.
Matambo further highlighted that more work was still to be undertaken in
all the areas of the work program, including the work on Mechanism for Tariff
Setting and Application of Tariffs, Rebates, Refunds and Duty Drawbacks and
Trade Remedies, where he noted that there was limited progress made so far.
Matambo reminded ministers that as they proceeded with the implementation
of the work program, they should remember that they were only left with a few
months before the timeline set for concluding the implementation of the work
program, which is December.
He further said SACU should ensure that it remained relevant and
responsive to the needs and development challenges of all member states.
Matambo took the opportunity to express appreciation to member states for
the support rendered to Botswana during its tenure to chair the SACU, which
tenure comes to an end in July.
“As we pass on the leadership baton to the Kingdom of Lesotho, we remain
committed to SACU. Our efforts should therefore be directed at advancing the
SACU Agenda for the regional economic integration in order to make an impact
on the lives of our citizens,” he said.
BSS/XINHUA/HR/1410