Pretoria: President Jacob Zuma has joined other reginal Heads of State for the official inauguration of the Southern Africa Customs Union (SACU) offices headquartered in Windhoek, Namibia.
SACU is made up of Botswana, Lesotho, Namibia, South Africa and Swaziland. These countries' leaders are also anticipated to partake in the ceremony.
"President Zuma is the current chairperson of SACU for the period from 15 July 2015 to 14 July 2016 and therefore, he is expected to deliver a key note address on this important occasion," the Presidency said on Wednesday.
President Zuma is accompanied by the Ministers of Finance Nhlanhla Nene and Trade and Industry Rob Davies.
SACU has been in existence since 1910, thus making it the oldest customs union in the world.
Within SACU, which has a combined population of 55 million people and a combined GDP of over 2 200 billion Euros, no tariffs exist on goods produced in and moving among the member countries.
The revenue is shared among member states according to a revenue-sharing formula as described in the SACU agreement.
SACU member states are currently in discussions with regard to a roadmap to take SACU from the revenue sharing arrangement and a common external tariff to a developmental integration programme.
SOURCE: SOUTH AFRICAN OFFICIAL NEWS