New Delhi, Jan 17: The Union Cabinet today gave its approval for signing of a MoU between India and Southern African Customs Union (SACU) for exchange of tariff concessions on a select list of products.

The MoU will facilitate the expansion of trade between the parties by providing the mechanisms and conditions to negotiate a Preferential Trade Agreement (PTA), in conformity with the rules and principles of the World Trade Organisation (WTO).

SACU, the oldest Custom Union of the world comprises of South Africa, Namibia, Botswana, Swaziland and Lesotho. (ANI)