In today's deglobalized world, businesses are facing new challenges and uncertainties that require them to adapt and adopt new strategies. Among these strategies, complying with non-tariff measures (NTMs), ESG norms, and the Sustainable Development Goals (SDGs) has become increasingly important for MSMEs and exporters.
NTMs are policy measures other than tariffs that can have an effect on international trade, such as quotas, licensing requirements, and technical regulations.
These measures can be used by governments to protect domestic industries, promote public health and safety, or prevent environmental degradation. For MSMEs and exporters, complying with NTMs can be challenging, as they may need to meet specific requirements for products or services to be accepted in foreign markets.
ESG norms are becoming increasingly important for businesses across all sectors. These regulations cover a range of issues, from environmental impact to labor practices to corporate governance. By complying with ESG norms and embracing ESG principles, businesses can not only reduce their environmental and social impact, but also enhance their reputation and appeal to socially conscious consumers. The SDGs are a set of 17 goals adopted by the United Nations in 2015 to address global challenges such as poverty, inequality, and climate change. By aligning their business practices with the SDGs, MSMEs and exporters can contribute to global development, while also enhancing their competitiveness and reputation.
In today's deglobalized world, complying with NTMs, ESG norms, and the SDGs has become essential for businesses that want to succeed in international markets. By adopting sustainable practices, promoting transparency and accountability, and collaborating with stakeholders, MSMEs and exporters can build a strong foundation for long-term success and sustainability. For example, by implementing sustainable practices within the company itself, MSMEs and exporters can reduce their environmental impact, while also improving their efficiency and reducing costs.
By complying with NTMs, businesses can ensure that their products or services meet the specific requirements of foreign markets, which can improve their competitiveness and appeal to customers. In addition, by aligning their business practices with the SDGs, businesses can contribute to global development and enhance their reputation and appeal to socially conscious consumers.
For example, by promoting gender equality and improving working conditions for employees, businesses can contribute to social development while also enhancing their reputation and attracting socially conscious customers. Overall, in today's deglobalized world, complying with NTMs, ESG norms, and the SDGs has become essential for businesses that want to succeed in international markets.
By embracing sustainability, promoting transparency and accountability, and collaborating with stakeholders, MSMEs and exporters can build a strong foundation for long-term success and sustainability, while also contributing to global development.
