What Challenges Do Entrepreneurs Face Due to WTO Regulations?
Despite the numerous opportunities, entrepreneurs also face challenges due to WTO regulations:
Compliance Costs: Adhering to WTO rules and standards can be costly, especially for small businesses that have limited resources. Complexity: Navigating the complex web of WTO agreements and regulations can be daunting for entrepreneurs, requiring specialized knowledge and expertise. Dispute Resolution: While the WTO's dispute resolution mechanism provides legal certainty, the process can be lengthy and resource-intensive, posing a challenge for smaller enterprises. Global Competition: The reduction of trade barriers can also lead to increased competition from international players, challenging local entrepreneurs to innovate and improve their offerings continually.