Ezulwini, Eswatini – President Cyril Ramaphosa delivered an opening statement on the occasion of the Eighth Summit of the Southern African Customs Union (SACU) on June 29, 2023. The summit, attended by heads of state, government officials, and SACU representatives, aimed to address the challenges posed by global economic shifts and explore strategies to enhance regional integration and economic development.
President Ramaphosa acknowledged the seismic shifts occurring in the global economy, compounded by the Russia-Ukraine conflict and geopolitical contestation, further weakening the recovery from the COVID-19 pandemic. Citing the United Nations Conference on Trade and Development, he emphasized the food and energy crises, surging inflation, debt tightening, and the climate emergency as factors contributing to one of the lowest rates of global economic growth in decades.
As the world’s oldest Customs Union, founded in 1910, SACU has evolved over the years to adapt to changing political and economic landscapes. President Ramaphosa highlighted the Union’s commitment to advancing integration through cooperation in trade and industrial policies, with a focus on building cross-border value chains and regional infrastructure programs.
Reflecting on SACU’s mandate and its ability to respond effectively to member countries’ needs, President Ramaphosa stressed the importance of deliberate efforts to achieve regional integration and play a developmental role within the region, continent, and globally. He referred to the recent Summit for a New Global Financing Pact in Paris, where African nations united in calling for industrialized countries to fulfill their commitments to developing economies and emphasized the need for reforming multilateral development and financial institutions.
President Ramaphosa reaffirmed the vision for a world order that accommodates developing economies, with rules ensuring access to capital, sovereignty, and the right to develop industries. He highlighted the SACU Strategic Plan adopted in June 2022 as the foundational document driving the Union’s aspirations and called for deeper regional integration, stronger ties among the member states, and prioritization of economic infrastructure, including renewable energy, transportation networks, telecommunications, and water infrastructure.
The President urged discussions on diversifying economies, increasing intra-African trade, and capitalizing on opportunities presented by the African Continental Free Trade Area. He emphasized the need to leverage collective revenues to support industrial capacity and infrastructure development within the Union, aiming to substantially increase African trade in goods and services.
President Ramaphosa concluded by affirming SACU’s role as a vital instrument for deepening African economic integration, fostering mutual prosperity, and leaving no one behind.
[COMMUNIQUÉ]: 8th Summit of the SACU Heads of State and Government #SACUSummit pic.twitter.com/3gPefoXBRl
— Presidency | South Africa 🇿🇦 (@PresidencyZA) June 29, 2023
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