Have you wondered what Fair Trade is after seeing a signboard reading so in the supermarket? Here's the answer- Fair Trade refers to an organized social movement and market approach that endeavors to develop better trading conditions for producers in the developing countries and help them grow. It focuses particularly on exports from developing countries to developed countries, most notably Handicrafts, Coffee, Cocoa, Sugar, Tea, Bananas, Honey, Cotton, Wine, Fresh Fruit, Chocolate, Flowers and Gold.
Fair Trade has given a boost to the economies of various developing countries. The six fundamental principles which must be followed in Fair Trade are:
Nowadays, there are many products available in the market having the Fair-Trade certification which implies that they meet the set labor, environmental and developmental standards. This certification is provided by the FLO-CERT, a body that is in charge of undertaking the inspection and certification. If the products manufactured are required to be certified then it is advisable to do so as it establishes your credibility in the market. Thus, Fair Trade holds ample importance in the current trade scenario as when companies are realizing the significance of continuing ethical business practices rather than indulging in ruthless profit making.