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Deeper integration is necessary for more balanced development

The five member states of this Customs Union continue to show substantial differences in levels of economic development and, so far, the only trade policy instruments harmonized are the applied customs tariff, excise duties, duty rebates, refunds and drawbacks, customs valuation, non-preferential rules of origin, and contingency trade remedies.

The report notes that the complete implementation of the 2002 SACU Agreement, which entered into force in July 2004, would result in further harmonization of policies, deeper economic integration and more balanced development that now seem elusive.

While noting that South African economy, the biggest and most advanced of the Union, remains relatively diversified, the report also says that the principal policy imperative faced by the other SACU countries remains diversification away from the current key export products (diamonds and other minerals in Botswana and Namibia, textiles in Lesotho and sugar in Swaziland).

by S. C.
05 november 2009, World News > Africa

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