The Prime Minister was speaking in an interview upon arrival from Gaborone, where heads of government for SACU signed the agreement. Mr Mosisili said the history of SACU dates  back as far as 1910 with the formation of what was then called the South African Union which was reviewed in 1969, adding that SACU had some weakness as the decisions which concerned all members were undertaken by South Africa, without notifying other members of the Union.

Mr. Mosisili said now all member states are equal and they will collectively take decisions concerning the running of the Union, while they will also establish a Commission of officials to look into matters concerning the implementation of  the agreement.The Prime Minister said there is now a clear governance structure, especially as there will be a formation of the revenue pool, with a clear revenue sharing formula.

The Prime Minister stated that there is also a condition in the agreement indicating that members of the Union who need a boost in economic growth that they should be assisted to improve their economies with funds from the revenue pool. He said in the past, it was not clear as to who gets how much and how much the controller, which was South Africa in this case, gets.

Mr Mosisili pointed out that heads of government have also agreed that when mechanisms to run the revenue pool are still being put in place, South Africa should continue to run the pool for the next two years. He said the success of this agreement is driving members to think of forming a Common Monetary Area and added that this could also have a positive impact on economic growth in the region. The headquarters for Union will be in Namibia. The Prime Minister was accompanied by among others, the Minister of Foreign Affairs, Mr. Mohlabi Tsekoa.