2. BACKGROUND
1. The need for statistics on trade in goods is self-evident. International trade
forms an important part of the world economy and, as such, must be measured
reliably and relevant statistical data should be comparable and widely
disseminated.
2. Intra-SACU trade data serves a pivotal role both in the calculation of the
customs component of the Revenue Sharing Formula (RSF) and also as a measure
to determine the volume and pattern of trade in the region to inform the
development of trade policies. However, intra-SACU trade data alone cannot
inform the trade policies since SACU Member States also trade with the third
parties.
3. Since the inception of the 2002 SACU Agreement, a number of studies to
standardize the compilation of intra-SACU trade data amongst Member States have
been undertaken. In October 2005, TRALAC completed the study on Trade Data
Standardization and Verification which culminated in a second study undertaken
by Her Majesty Revenue and Customs (HMRC) on Trade Data Audit and Verification.
The HMRC study was finalized and approved by Council in October 2006. A high
level implementation plan on the recommendations of the HMRC study was also
approved by Council and it is currently being implemented.
4. All the studies that have been undertaken on trade data were focussed on
improving the integrity of intra-SACU data for the purpose of revenue sharing with
minimal consideration on extra-SACU trade