Innovative development provides a high quality of life for the population, which is the main competitive advantage of a country in the modern economic reality. A Global innovative index, published since 2007, is used for assessing the innovative activities of a country. In Russia, measures for speeding-up the innovative development rates are undertaken. The strategy of the innovative development of Russia up to 2020 has been authorized, with the purpose of bringing the Russian economy on the innovative path by 2020. Such tools of economics of quality as metrology, standardization and quality management which are actively applied at all stages of the lifecycle of technologies and products creation are especially important for successful strategy implementation. The purpose of metrology from the point of view of creating innovative products is ensuring uniformity, accuracy, validity and precision of measurements of product indicators and high levels of product quality and reliability. Standards contain requirements not only for the existing products and processes, but also for those being developed, which allows to regard these standards as a tool for implementing innovations. A technical standardization committee ‘Sustainable development of administrative territorial entities’ (TC 115) has been created based on the ‘Test St. Petersburg’ State Centre, with the purpose of creating an intellectual platform allowing to unite efforts on improving the activities in the field of standardization for sustainable innovative and social and economic development of regions. Quality management, including implementation of management systems in all fields of activity, helps to achieve not only an economic effect, but also the social purposes, and, therefore, leads to improving the quality of life. Having taken into account the domestic experience and the experience of the leading countries of the world, it is possible to draw conclusions that it is necessary reasonable to improve economics of quality tools and to actively apply them not only at the enterprises, but also at higher levels: region and country in general.