The implementation of regional economic integration in line with
other priority areas will be on top of the agenda at the upcoming
Southern African Development Community (SADC) summit, officials
said Wednesday.
The council of ministers meeting has endorsed and recommended to
the summit for approval and signature of a Finance and Investment
Protocol, which is critical for the region's economic integration,
said Timothy Thahane, Chairperson of the council and minister of
finance and economic planning of the Kingdom of Lesotho.
"The protocol will lay a firm basis for the SADC macroeconomic
convergence program," said the chairperson Wednesday at a media
briefing after the council of ministers meeting, adding that it is
"a necessary complementary pillar to the SADC trade integration
program which seeks to facilitate trade in goods and services."
According to the chairperson, the council deliberated on
activities being carried out in SADC economic integration agenda
and in this regard reviewed the SADC milestones that would lead to
the Free Trade Area by 2008, the customs union by 2010, the common
market by 2015, the monetary union by 2016 and the single currency
by 2018.
In order to expedite the process of economic integration, the
council has endorsed the formation of a broad based Task Force to
spearhead preparations for the SADC Customs Union.
The Finance and Investment Protocol will be a complement
instrument in southern Africa's integration process, taking into
account the ongoing implementation of the SADC Protocol on Trade as
well as targets outlined in the Regional Indicative Strategic
Development Plan, which is the blueprint for regional integration
in the next 15-20 years.
Executive Secretary of SADC Tomaz Salomao said the bloc's vision
of becoming a common market by 2008, and possibly a monetary union,
would remain a pipe dream if finance, investment and other
macroeconomic polices were not urgently harmonized. Since its
creation in 1992, SADC has promoted economic integration among
member nations with South Africa driving much of the region's
economy.
However, some critics have said that the SADC's integration
targets may not be met, because from a business point of view,
progress so far has been quite unsatisfactory and it is hard to
ensure that the members adhere to the accords they sign.
Besides economic integration, the Summit scheduled for Thursday
and Friday will also receive progress reports towards the
attainment of the Millennium Development Goals (MDGs), the
operationalization of the SADC Tribunal as well as review the
regional socioeconomic situation.
The leaders will also discuss pertinent regional issues such as
poverty reduction, food security and HIV/AIDS. SADC is a major
integration body in Africa, boasting a population of over 230
million and a combined gross domestic product of over US$200
billion.
The 14 SADC members are Angola, Botswana, the Democratic
Republic of the Congo, Lesotho, Madagascar, Malawi, Mauritius,
Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia and
Zimbabwe.
(Xinhua News Agency August 17, 2006)
