Fair Trade is a trading partnership based on dialogue, transparency and respect that seeks greater equity in international trade. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers.
Fair Trade is a sustainable system that endeavours to empower disadvantaged producers through payment of a fair price, democratically organized workplaces, technical assistance, social programming, equality for all, transparency, trust and environmental protection. It is a method of creating sustainable economies and new markets in developing countries, while simultaneously preserving traditional customs, traditions and practices.
World Fair Trade Organization prescribes 10 Principles that Fair Trade Organizations must follow in their day-to-day work and carries out monitoring to ensure these principles are upheld:
- Creating Opportunities for Economically Disadvantaged Producers.
- Transparency and Accountability.
- Fair Trading Practices.
- Payment of a Fair Price.
- Ensuring no Child Labour and Forced Labour.
- Commitment to Non Discrimination, Gender Equity and Freedom of Association.
- Ensuring Good Working Conditions.
- Providing Capacity Building.
- Promoting Fair Trade.
- Respect for the Environment.