Commonly Used Terms

AGOA

Africa Growth Opportunity Act is a non-reciprocal trade preference program that provides duty-free treatment to U.S imports of certain products from eligible sub-Saharan African (SSA) countries.

EFTA

European Free Trade Association is an international free trade organisation between four European countries that operates in parallel with - and is linked to the (EU).

FTA

Free Trade Agreements are treaties between two or more countries to establish a free trade area where commerce in goods and service can be conducted across their common borders.

GSP

Generalised System of Preferences are the standard arrangement which offers generous tariff reductions to developing countries.Practically,this means partial or entire removal of tariffs on two thirds of all product categories.

HS

Harmonized System is a multipurpose international product nomenclature developed by the World Customs Organization (WCO). It comprises of commodity groups;each identified by a six-or eight-digit level arranged in a logical structure.

LMPS

Lesotho Mounted Police Service

LRA

Lesotho Revenue Authority (LRA) is principally responsible for the assessment,collection and remittance to the Government of public revenues in Lesotho, which was established by Act of Parliament in 2001 and became operational in 2003.

The LRA is charged with administering the Tax Laws in an impartial and even-handed manner,so as to prevent tax fraud and fiscal evasion,and in so doing create a revenue environment that supports fair competition between business,and treats all individuals as equals.

MOU

Memorandum of Understanding a bilateral or multilateral agreement between two or more parties.It expresses a convergence of will between two or more parties ,indicating an intended common line of action.

PSCEDP

The Lesotho Private Sector Competitiveness and Economic Diversification Project ,its objective is to facilitate increased private sector investment by improving the business environment and diversifying sources of growth.Thi goal will be achieved by reducing the costs of doing business; strengthening the linkages and integration of the Lesotho economy with the regional economy,especially with South Africa; strengthening support for technical and business management skills therby improving productivity at the firm level, and improving access to finance for MSMEs.

SACU

The Southern African Customs Union is an African regional economic organization,it is the world's oldest customs union which was founded in 1910. Its members include Lesotho,Botswana,South Africa and Swaziland.

SADC

The Southern African Development Community (SADC) is an organisation that strives for regional intergration to promote economic growth,peace and security in the Southern African region.It aims to create common political values,systems and institutions among its 14 members states,to build social and cultural ties,and to help alleviate poverty and enhance the standard of living among a regional population of over 250-million.It stands for the sovereignty of its members states,the upholding of human rights and the rule of law,and the peaceful settlement of disputes.

SPS

Sanitary and Phytosanitary (SPS) are applied to protect human,animal and plant life or health from risks arising from the introduction and spread of pests and diseases,including to protect them from risks arising from imported goods.

They are subject to rules set under the World Trade Organization (WTO). In particular,the use of sps measures is governed by the provisions of the WTO  Agreement on the Application of Sanitary and Phytosanitary Measures (the SPS Agreement).

SARPCCO

Southern African Regional Police Chiefs Cooperation Organisation (SARPCCO) is primary operational mechanism in Southern Africa for the prevention and fighting of cross-border crime ,including the trafficking of weapons

TBT

Trade Barriers to Trade deals with procedures for testing and certifying conformity to technical regulations (compulsory) and standards (voluntary) governing international tradeThe TBT Agreement.

All WTO Members are required to meet and uphold  the principals and obligations of the TBT Agreement.

The TBT Agreement does not cover measures that come under the Agreement on the Application of Sanitary and Phytosanitary Measures  (the SPS Agreement).

WCO

World Customs Organisation (WCO), was established in 1952 as the Customs Co-operation Council (CCC) is independent intergovernmental body whose mission is to enhance the effectiveness and efficiency of Customs administrations.