What Strategies Can Business Leaders Use to Overcome NTBs?
Business leaders can deploy several strategies to overcome NTBs:
1. Research and Compliance: Thoroughly researching the target market's regulations and ensuring full compliance with local standards can prevent costly delays and rejections. 2. Lobbying and Advocacy: Engaging with trade associations and chambers of commerce to lobby for more favorable trade terms. 3. Building Relationships: Establishing strong relationships with local partners can help in navigating complex bureaucratic landscapes. 4. Diversification: Diversifying markets to reduce dependency on a single market with stringent NTBs.