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English definition of “fair trade”

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fair trade

noun [U] ( also fairtrade)
 
 
SOCIAL RESPONSIBILITY a system of trading with a developing country in which a good price is paid for their exports, and the people who produce the goods have good working conditions and are paid a fair wage: It's important that the benefits of fair trade reach the poorest communities. The use of child labor goes completely against fairtrade principles.
ECONOMICS an agreement between countries that trade with each other that they will not charge tax on imports from the other country or countries: China protested that the EU's actions amounted to a breach of fair trade regulations.
SOCIAL RESPONSIBILITY, COMMERCE trading that is fair to consumers
fairtrade coffee/bananas/chocolate, etc. SOCIAL RESPONSIBILITY, COMMERCE things produced in a developing country by people who have good working conditions and fair pay, and who are paid a fair price for their goods: Consumers are increasingly choosing fair trade products.
(Definition of fair trade from the Cambridge Business English Dictionary © Cambridge University Press)
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