New SACU agreement takes effect

Alan peat THE NEWLY amended Southern African Customs Union (SACU) trade agreement took effect yesterday (July 15). The new deal between the governments of Botswana, Lesotho, Namibia, Swaziland and SA is now part of Schedule 10 to the Customs and Excise Act, 1964 - and substitutes for the previous 1969 SACU agreement. Explaining the change, customs and trade specialists Deloittes told FTW: “It was recognised by the member countries that the SACU agreement concluded on December 11, 1969 no longer adequately catered for the modern needs of a customs union in current times. “The purpose of the renewed agreement was therefore to realign it with current trends in international trade relations.” The 1969 agreement was concluded following the independence of Botswana, Lesotho and Swaziland - with Namibia joining in 1990. SACU, interestingly, was established in the pre-independence days of 1910 - and is the oldest customs union in the world.