Harmonization of standards

Question

Quizplus · Accepted Answer

Harmonization of standards can make it less costly for exporting firms to produce because it eliminates the need to conform to different standards in different countries. This can lead to economies of scale and reduced production costs, making it easier for firms to export their products to multiple countries. It is not necessarily easy to agree on, may be difficult for countries of different income levels, and while the WTO does promote harmonization of standards, it is not necessarily required under WTO rules.

Harmonization of Standards