The Southern African Customs Union (SACU) Ministers of Finance and Trade support the proposal of working together, through a regionally coordinated approach, to advance industrialisation, trade market access regionally and continentally, and to strengthen resource mobilisation.
South Africa’s Finance Minister, Tito Mboweni, chaired the fourth joint Finance and Trade Ministers’ virtual Ministerial Retreat meeting on Monday.
The SACU Ministerial retreat noted that its development trajectory should be anchored on a clear industrialisation path that provides for the development of regional value chains to strengthen SACU’s productive capacity.
The meeting reaffirmed the outcomes of the SACU Ministers of Trade and Industry of 28 August 2020, as forming the basis for cooperation for regional industrialisation, investment and export promotion.
The Ministers acknowledged that a trade and industrialisation agenda would require the mobilisation of substantial financial resources. Going forward, SACU must design appropriate and effective financing instruments by mobilising the national Development Finance