The role of quality standards for chemical products existing on the markets of the European Union in development of innovative entrepreneurship

Abstract

The article studies the method of assessment of the impact of standards on the results of the industry: innovation, product quality, generation of waste, level of “Green Economy” and foreign trade. The approbation which has been carried out for chemical products from 26 countries of the EU in 2018 (based on the cluster analysis is given in the study). It has been concluded that the high level of coverage of standards stimulates innovation of recycling. The level of foreign trade, and the generation of waste occur regardless of the level of coverage of the standards. The high speed of implementation of the standard ensures the high level of “Green Economy”. The more permanent policy of standards ensures high quality of products. Germany is the benchmark for the high level of influence of standards on the results in the chemical industry. For the rest counties of the EU, the potential of standards is not fully disclosed for reasons of insufficient coverage of standards or a large volume of waste. This assessment allows finding the benchmark of the country for study of the positive impact of standards and it helps to identify the successful strategies of standards for achieving high results in the industry.