Standards and regulations are crucial for several reasons:
- Consumer Protection: They safeguard consumers by ensuring the safety, quality, and reliability of products and services. - Fair Competition: They create a fair competitive environment by preventing monopolistic practices and ensuring all businesses adhere to the same rules. - International Trade: They facilitate smooth international trade by harmonizing requirements across borders, reducing trade barriers. - Innovation: They can drive innovation by setting benchmarks that businesses strive to meet or exceed.