Fair trade price,
Definition of Fair trade price:
For goods to carry the Fair Trade Certified label, they must comply with standards outlined by the non-governmental organization FLO-CERT or other local fair-trade labelers. FLO-CERT broke up the set of standards it put in place into six categories with standards for small producer organizations, hired labor, contract production, traders, climate, and textile. Within each category, there is a set of specific standards for products.
A minimum price that importers will pay agriculture producers in developing countries for their products. Participants believe they have an ethical obligation to establish price floors to support a minimum standard of living.
A fair trade price is the minimum price paid for certain agricultural products imported from developing countries. Fair trade is a movement that believes it is unethical to pay producers in developing countries the market price if that price is too low to provide a sufficient quality of living. Instead, certain importers agree to pay producers in the developing world at least a minimum price for their goods. Developed nations then import the goods where they promote them as fair-trade products and, normally, sell them at a higher price.
How to use Fair trade price in a sentence?
- Opponents of the fair trade movement argue that establishing an artificially high price floor results in oversupply that can actually lead to lower market prices for producers that cannot sell to fair-trade buyers. .
- A fair trade price is an ethical minimum price with which to pay producers in developing countries for their goods or services.
- Fair trade is a global social movement aimed at reducing exploitation of workers and small business owners in the developing world.
Meaning of Fair trade price & Fair trade price Definition