The just-concluded 9th Southern African Customs Union (SACU) Summit considered, adopted, approved and directed the implementation of several key initiatives aimed at advancing the development of member states. 

Among the decisions taken were measures to address the implications of evolving global developments for SACU and to accelerate the Reimagined SACU Agenda, with the process expected to be concluded by the end of next year. 

The summit also resolved to advance the implementation of the SACU Strategic Plan to strengthen regional integration and economic development. 

There is also a need for sustained and close cooperation among SACU member states in responding to the economic challenges posed by current global developments. These include economic diversification and the development of regional value chains.

The summit further approved the establishment of an innovative SACU regional funding mechanism with an initial capitalisation of US$5 billion, spread over the 2027/28 and 2028/29 financial years. 

The funding will come from the Common Revenue Pool and will be available to support development projects across all SACU member states. 

The summit noted progress in regional value chains, export potential mapping, investment facilitation and cross-border industrial cooperation. 

Leveraging the African Continental Free Trade Agreement was also highlighted, while there were further calls for the extension of the African Growth and Opportunity Act (AGOA) to at least 15 years to ensure continuity of trade, market access, preservation of the industrial base and job security.