Minister of Finance Saara Kuugongelwa-Amadhila has said members of the Southern African Customs Union (SACU) stand a better chance to mitigate the current world financial meltdown if it is confronted timely and collectively.

Speaking at the 16th meeting of the SACU Council of Ministers meeting held in Windhoek last Friday, Kuugongelwa-Amadhila said the region would not escape the consequences of the financial crisis.

"The premise in a capitalistic environment that you are doing well if you privatise profits and socialise debts is yet again confirmed, because the causes and effects of this very financial crisis are exactly that," she said.

She said mitigating measures should be implemented to cushion the negative impacts on the region's citizens and particularly the poor.

"This would include our insistence for continued sustainable and meaningful donor assistance for development and poverty reduction in order to meet the Millennium Development Goals. Secondly, we have to ensure an adequate regulatory framework for the financial sector, which will prevent the reoccurrence of a similar crisis and which will reposition the financial sector in the driving seat for higher and sustainable growth of our region's economy."

She said the region could not afford to lose more time in resolving outstanding and contentious issues regarding the interim economic partnership agreement (IEPA).

"The EPA is not solely to defend the interests of individual member countries of SADC, but of SACU as a trading block."

The region's negotiating teams will again have another round of negotiations with the European Commission this week. Kuugongelwa-Amadhila urged the council meeting to prioritise the implementation of SACU structures, and that development aspects of the SACU treaty must receive urgent attention.

The SACU council meeting comes after a SACU ministerial retreat in August and early September where ministers developed a common vision for SACU in view of the current regional and global changes.

The council meeting considered resolutions taken at the retreat for implementation.

The meeting also deliberated on the SACU position on the EPAs.

SACU Council Chairperson, Lesotho Minister of Finance and Development, Timothy Thahane, said the priority was to complete the SACU wide strategy that provides a framework for internal operations and the strengthening of the SACU trade facilitation programme, which is aimed at facilitating the free movement of goods within the customs union.

Other pressing issues in the consolidation of SACU, said Thahane, are the establishment of a tariff board, as well as tribunal and national bodies.

Important for member countries is the management of the common revenue pool that comes into effect from April 2009.