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 – especially in the South.” Fair Trade is the alternative mode of trade, which aims to extend sustainable livelihood to the less privileged people living in developing and under developed countries.
Those who practice fair trade should comply with the ‘ten standards of fair trade’ while involving in production, trade or any other activities related to income generation. The standards are set to give a fair deal to artisans, farmers and producers who are remaining marginalized from the mainstream of domestic as well as international trade. The compliance of the standards lead towards realization of fair price for their products in international as well as domestic market.