SADC gets closer to regional monetary union

Members sign accord aiming for 2016 implementation ALAN PEAT THE MOVE towards a free trade area for the 14 members of the Southern African Development Community (SADC) region – of which SA is the powerhouse – has just seen the signing of a finance and investment accord setting out a framework for establishing a regional monetary union by 2016. At the recent summit in Maseru, 12 of the member nations put their names to the accord – which helps lead to the adoption of a common currency in SADC countries. Also agreed by the group, trade and customs consultants Deloitte told FTW, was a timetable for other steps in the pathway to duty-free trade. These were removing duties on 85% of all goods by 2008; the formation of a customs union by 2010 and of a common market by 2015.