SACU, UK sign economic partnership agreement

SACU, UK sign economic partnership agreement
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The Southern African Customs Union (SACU) has signed an economic partnership agreement with the United Kingdom (UK).
Senior officials from SACU member states and Mozambique have entered into the agreement with UK.
They are from Botswana, Eswatini, Lesotho, Namibia, South Africa.
It provides for duty-free, quota-free access to the UK market for all products from Botswana, Eswatini, Lesotho, Mozambique and Namibia, excluding arms.
It further provides duty-free access or reduced tariffs on 99% of South African products exported to the UK.
Trade between SACU members states as well as Mozambique and the -UK stood at an equivalent of N$1,7 trillion last year.
Trade volumes have been increasing at an average of 2,8% per year for the past three years.
Each SACU member country would approve the agreement individually before it comes into effect.
The partnership is aimed at ensuring continuity of trade and avoid trade disruptions when the UK leaves the EU on the 31 October.
UK's agreement with SACU and Mozambique boosts confidence in existing trade partnership and has the potential to unlock investments in the development of regional value chains.