Increased international standardization by the private sector results from an ever-increasing demand of consumers for better and safer products, technological advances, the expansion of global trade and the ever-increasing focus on social and sustainability issues. International standards affect our everyday life in multiple ways. Standards bring about and solidify technological evolution, innovation and diffusion of knowledge. In that respect, they have an important impact on consumer wellbeing. They play a decisive role as to whether the business and market environment will be conducive to increased innovation and trade. They form an important condition for doing business and affect access to markets, determining the profitability, growth and ultimately the survival of entrepreneurs and economic operators alike. Hence, standards have a crucial trade facilitation function.