The Southern African Customs Union (SACU) and the European Free Trade Association (EFTA) signed a trade agreement in 2016 that seeks to foster economic cooperation between the two regions.

The SACU-EFTA agreement covers various areas such as trade in services, intellectual property, and investment. The agreement aims to facilitate trade by removing trade barriers and addressing non-tariff barriers that hinder trade between SACU and EFTA member states.

Under the agreement, SACU member states, namely Botswana, Lesotho, Namibia, South Africa, and Eswatini, will have increased access to the EFTA market, which comprises Iceland, Liechtenstein, Norway, and Switzerland. EFTA member states, in turn, will benefit from easier access to SACU markets.

One of the significant benefits of the SACU-EFTA agreement is the elimination of tariffs on many products traded between the two regions. The agreement also provides for the gradual elimination of tariffs on several other products, which will increase the volume and diversity of trade between SACU and EFTA member states.

The SACU-EFTA trade agreement is also expected to enhance investment opportunities between the two regions. The agreement provides for the protection and promotion of investments between SACU and EFTA member states, which will attract more foreign investment and stimulate economic growth.

Furthermore, the SACU-EFTA agreement is essential in promoting sustainable development and addressing environmental concerns. The agreement ensures that trade and investment are carried out in a manner that is consistent with sustainable development and environmental protection.

In conclusion, the SACU-EFTA trade agreement is a significant milestone in fostering economic cooperation between SACU and EFTA member states. The agreement provides a framework for increased trade, investment, and sustainable development, which will benefit the people and economies of both regions.