Fair Trade

Definition

Fair Trade is an institutional arrangement designed to help producers in developing countries achieve better trading conditions. It advocates for higher payment standards and improved social and environmental standards.

Related terms

Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.

Sustainable Development: Economic development that is conducted without depletion of natural resources.

Trade Barriers: Government-induced restrictions on international trade, such as tariffs, quotas, and regulations.