The WTO agreement of 1994 set up a dispute settlement system to give the rules real teeth. The annual sales of Fairtrade certified products amounted to 9.5 billion US dollars in 2017. One last comment regarding fair trade, rules are only as good as their enforcement provisions. Fair trade is a social movement which tries to help people who make things in developing countries.The movement helps people to work in better conditions and helps them get more money for what they make. It is the only fair trade membership requiring third-party auditing of supply chains. Fair-trade agreement definition is - an agreement between a producer and a seller that commodities bearing a trademark, label, or brand name belonging to the producer be sold at or above a specified price. A small but growing market. Definition. Fair Trade USA ensures that in return for their commitment to social and environmental sustainability through the Fair Trade standards, farmers receive a price that is always higher than the market price. Still, if you’re used to buying the cheapest coffee on the shelf, it’s easy to get sticker shock from the “gourmet” price of a Fair Trade equivalent. Some trade fairs have a massive audience as they can attract visitors and participants from every nook and corner of the world. Definition of Fair Trade. Lastly, fair trade aims to alter the statutes and practices of conventional international trade to improve trading conditions (Hayes, 450-468). Sales of fair trade products on the rise. Fair Trade standards guarantee a minimum price to producers, but unlike the article insinuates, this is a floor price not a ceiling. If a country believes a trading partner is violating the rules, it can request a panel of experts to here the merits of the case and render a judgement. It means improved social and environmental standards for the people making your products and that more producers get fair trade conditions. Trade fair is an event in which firms belonging to the same industry present their products and services in a defined setting to prospective clients, end-users, retailers, wholesalers, and distributors. Under a fair trade system, numerous merchants, producers, and organizations involve themselves in the exchange of Fair Trade products. Membership is limited to organizations that follow a 100 percent fair trade commitment and apply WFTO’s 10 Principles of Fair Trade. That’s good news. A simple sleeveless cotton dress from Mata Traders, made by a Fair Trade women’s cooperative in India, costs $85; a similar dress from ModCloth, which is not Fair Trade, costs $110. DEFINITION OF FAIR TRADE "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. ‘He said buying fair trade products is a ‘simple and straightforward’ way for consumers to help producers in less developed countries.’ ‘It is a period when individuals, groups and employers are encouraged to promote fair trade products and raise awareness in the community.’ Fair trade, global movement to improve the lives of farmers and workers in developing countries by ensuring that they have access to export markets and are paid a fair price for their products. The WFTO is a global membership for producers, retailers, wholesalers, and brands that are committed to fair trade. How it works. Imagine that you and a friend made chocolate chip cookies to sell at a bake sale.