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International trade standards and why they are important for MSMEs
Opinion of: Lisa McAuley, CEO of the Global Trade Professionals Alliance (GTPA) Standards are the key to consistency in business. They set out the processes, procedures and frameworks to ensure that products, services, processes and people meet a qualified set of expectations. Standards streamline and systematise complexity to provide a level of trust in the best means to achieving an outcome, a capability, a competency or an output.
Standards do far more than just help you comply with the relevant rules and regulations. They play a crucial role in facilitating international trade, supporting businesses into export markets by lowering barriers to trade.
Regulators
often count on standards as a means to verify outcomes, capabilities or
outputs. For businesses, especially micro, small or medium enterprises
(MSMEs), adhering to international trade standards can reduce the
cost and risk of doing business while also providing an opportunity to
increase productivity,
build supplier trust, increase customer confidence and access new
market opportunities.