RIYADH: To improve the Kingdom’s e-commerce and digital economy policymaking, Saudi Arabia and the UN Trade and Development have inked an agreement.
The Saudi Press Agency claims that the agreement would contribute to the development of a framework in the Kingdom’s e-commerce industry by conducting a poll to evaluate the existing state of affairs and sharing the results in accordance with global best practices.
Eman Al-Mutairi, the Kingdom’s vice minister of commerce, signed the agreement on May 12 during the 8th session of the Intergovernmental Group of Experts on E-Commerce and the Digital Economy in Geneva. The organisation said in a separate statement that Saudi Arabia has pledged $1.4 million to boost UNCTAD’s efforts to measure the digital economy and e-commerce.
Based on the most recent data available, which covers companies in 43 established and developing nations, UNCTAD forecasts worldwide e-commerce sales to reach over $27 trillion in 2022. The e-commerce industry in Saudi Arabia is also expanding quickly; by the end of 2024, 40,953 companies will be registered throughout the Kingdom, a 10% increase from the previous year.
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