A formal eTrade Assessment Agreement has been signed between the UNCTAD and the International Islamic Trade Finance Corporation, according to a release from both parties last week. The release specifies the agreement is a dual effort to prepare the Iraqi region for the utilization of e-commerce strategies for growth and digitization.

“I am very pleased to announce our formal partnership with the ITFC to carry out a Rapid eTrade Readiness Assessment for Iraq, under the Aid for Trade Initiative for the Arab States programme,” UNCTAD Secretary-General Mukhisa Kituyi said.

“Thanks to the generous financial support provided by the ITFC, we will be carrying out the first ‘enhanced’ eTrade Readiness Assessment,” he said. “It will follow the standard methodology used for the past ones but will include a deep-dive into one or two key sectors where digitalization is particularly relevant in the context of the Iraqi economy.”

Three primary goals were outlined, focusing on efforts to further increase e-commerce efforts by boosting Iraq’s understanding and preparedness through stocktaking and surveys, increasing national accounts, as well as enhancing technical advances and access to increase partner participation and investment prospects.

“Digitalization is now the future of trade and providing our member countries with the enablers to get the adequate environment for e-trade is now ITFC’s strategic focus,” ITFC chief executive officer Hani Salem Sonbol added. “With our partners, we will design integrated programmes that are tailored to meet the critical market needs of the member countries, as we are signing today for Iraq.”

Source: UNCTAD