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What does SACU stand for?

SACU stands for Southern Africa Customs Union


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Samples in periodicals archive:

E. Mandisi Bongani Mabuto Mpahlwa, and the Permanent Secretary for Foreign Affairs and Trade of Swaziland, H. E. Clifford Sibusiso Mamba, today signed a Free Trade Agreement (FTA) between the Member States of the European Free Trade Association (EFTA, comprising Iceland, Liechtenstein, Norway and Switzerland) and the Southern African Customs Union.
Southern African Customs Union From Wikipedia, the free encyclopedia Jump to: navigation, search.
Opening Statement by South Africa, Spokesperson on behalf of the Southern African Customs union (SACU) on the occassion of the 4th WTO Trade Policy Review of SACU I wish to remind Members that the Southern African Customs Union dates back to 1910, making it the oldest Customs Union in the world. Following the attainment of independence by the British Overseas Territories in the mid-1960s, a new Agreement was signed on 11 December 1969 by the sovereign states of Botswana, Lesotho and Swaziland (BLS), as well as South Africa.
What it entails The Southern African Customs Union was established in 1910 with Botswana, Lesotho, South Africa and Swaziland being the founding Member States. The Agreement was renegotiated and signed in 1969. Namibia acceded to the 1969 Agreement after her independence in 1990. The Member States commenced the renegotiation of the 1969 Agreement in 1994 after RSA was democratized. The negotiations culminated in the 2002 SACU Agreement which entered into force on the 15th July 2004.
Support for Southern African sugar producers came in the form of preferential access to the Southern African Customs Union (SACU), which is made up of Botswana, Lesotho, Namibia, South Africa and Swaziland. SADC Member States with a sugar surplus are allowed to export an agreed portion of that surplus sugar to SACU member countries without paying any customs duty (duty-free). The amount of sugar each SADC Member State may export to SACU is proportional to the Member State’s share of the total SADC sugar surplus.
South Africa will benefit from new market access additional to the Trade, Development and Cooperation Agreement, that currently governs the trade relations with the EU. The new access includes better trading terms mainly in agriculture and fisheries, including for wine, sugar, fisheries products, flowers and canned fruits. The EU will obtain meaningful new market access into Southern African Customs Union.