DINAR REVALUATION REPORT: Iraq and the U.S. Embrace Digital Transformation in Shipping Ports, 23 SEPT

 Iraq and the U.S. Embrace Digital Transformation in Shipping Ports

Iraq and the United States are advancing their shipping port operations by integrating them into the Quantum Financial System, a move that underscores the nations' commitment to enhancing trade and currency valuation. 1

Digitalization in Iraq's Maritime Sector

Iraq is spearheading the digitalization of its maritime sector by planning to establish a maritime single window for its major ports, notably Um Qasr (North and South).  2This initiative aligns with IMO's mandate, requiring all member states to use a one-stop digital platform to streamline information exchange among stakeholders involved in ship operations as of January 2024.

The implementation of a maritime single window system will significantly reduce time and costs, benefiting over 80% of Iraq's imported goods that pass through the Um Qasr ports. The system will eventually be extended to the Al-Faw Grand Port, scheduled for opening in December 2024, and other Iraqi ports.

Strategic Implications

The integration of Iraq's shipping ports into the Quantum Financial System and the digitalization efforts suggest a strategic shift toward enhancing economic ties and trade facilitation. This move could potentially strengthen currency valuation and improve the efficiency of maritime operations, positioning Iraq as a key player in regional trade.