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Monday, 24 July 2017

UK, SACU discuss new deal

The United Kingdom (UK) and members of the Southern African Customs Union (SACU) have agreed to continue discussions to explore ways to ensure that the existing trade arrangement between the UK and SACU currently governed by the EU-SADC EPA will not be disrupted by the UK’s departure from the EU. This effectively means almost all the terms and conditions of SACU’s current trade agreement with the EU – known as the SADC Economic Partnership Agreement (EPA) – would be adopted into a new trade arrangement with the UK. According to a statement signed by Botswana’s Minister of Trade Industry and Investment, Vincent Seretse and Minister of State at the Department for International Trade, United Kingdom, The Lord Price CVO, talks are likely to focus on steps to agree an arrangement that replicates the effects of the EPA once the UK has left the EU.“This would be a technical exercise to ensure continuity in the trading relationship, rather than an opportunity to renegotiate existing terms,” reads the statement. Ministers responsible for Trade Policy in the United Kingdom (UK), the Lord Price; Botswana, V T Seretse; Namibia, I Ngatjizeko; South Africa, Dr. R Davies; Swaziland, J C Mabuza; Lesotho Permanent Secretary of Trade and Industry, Mr F Notoane, representing the Minister of Trade; and the High Commissioner of Mozambique to South Africa, Mr P Macaringue met in Johannesburg on Wednesday 19 July 2017, to discuss the trade relationship between the UK and the Southern African Customs Union (SACU) countries, post Brexit. The Economic Partnership Agreement (EPA) between the SADC EPA countries (Botswana, Lesotho, Namibia, Mozambique, South Africa and Swaziland) and the European Union (EU) was signed on 10 June 2016 in Kasane, Botswana. The EU-SADC Economic Partnership Agreement (EU-SADC EPA) provisionally entered into force between the SACU countries and the EU on 10 October 2016. While the UK remains a member of the EU, the EU-SADC EPA will continue to apply to trade between the SADC EPA countries and the UK.

Source: Weekend Post