Welcome remarks by Ms. Alma Andrade, at the Eurasian Economic Commission Windhoek, Namibia
It is a great honour for me to welcome you all to this historic occasion, which marks the start of a collaboration relationship between the Eurasian Economic Commission and SACU. I would like to take this opportunity to welcome the EEC representatives to Namibia and to the SACU Secretariat in particular. I do hope you have had a wonderful trip to Namibia and that you will find the arrangements made for your visit meet with your expectations.
SACU Secretariat hosts study visit for Eurasian Economic Commission
WINDHOEK; Monday 24 November, 2014, the SACU Secretariat played host to a delegation from the Eurasian Economic Commission. The Eurasian Economic Commission (EEC) is the single permanent regulatory body of the Customs Union of Belarus, Kazakhstan and Russia (CU) and the Single Economic Space (SES) of the Eurasian Economic Commission.
Lesotho concludes Preferred Trader Pilot Programme
At the end of March 2014, Lesotho became the first SACU country to successfully conclude the Preferred Trader Programme pilot. This is part of SACUís efforts to facilitate trade within the region, through strengthening partnerships with traders. The Trade Partnerships strategy for SACU, is anchored on strengthening customs to business dialogue through a Regional Customs Trade Forum and the development of an Authorized Economic Operator (AEO) Programme. The AEO programme is aimed at rewarding compliance; facilitating legitimate trade; and promoting mutual recognition among Member States and third parties.
Implementation of the new Revenue Sharing Formula
The implementation of the new Revenue Sharing Formula as contained in the 2002 SACU Agreement began in 2006. The new formula has the following components:
The Customs component: Each Member State share of the customs component shall be calculated from the Cost Insurance Freight (CIF) value at border posts of goods imported from all other Member Sates into the area of each as a percentage of the total CIF value of intra –SACU imports.
The Excise Component: Each Member State’s share of the excise component shall be calculated from the value of its GDP in a specific calendar year as a percentage of total SACU GDP in such a year.
The Development Component: The development component shall initially be set at 15% of the excise component, but shall be reviewed from time to time and will be adjusted if agreed to by all Member Sates.