A Brief Glossary of Fair Trade

Happy Friday!

worldfairtradeA week from tomorrow, May 14, the world will celebrate the international World Fair Trade Day, which celebrates the ways in which fair trade is a tangible agent of change in the lives of people in poverty. I will be posting more about the different ways you can celebrate it next week. In the meantime, though, it can be hard to get involved in something like fair trade without knowing the jargon, so I thought I would share a brief glossary of words that are often related (or mis-related) to fair trade to help you really dive into this issue and celebrate the ways that fairly traded products are making an impact. I hope it is helpful!

Fair Trade: The term Fair Trade defines 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 developing countries.

Living Wage: A theoretical wage level that allows the earner to afford adequate shelter, food and the other necessities of life.

Sustainable: A type of production that is not harmful to the environment or depleting of natural resources, and thereby supports long-term ecological balance

Free trade: Not to be confused or confounded with fair trade, free trade is the unrestricted purchase and sale of goods and services between countries without the imposition of constraints

Ethically sourced: A product in which the entire supply chain, from the farm to the end result, is produced and sourced using practices in line with human rights and sustainability.

Enjoy your weekend! Enjoy some fair trade chocolate to celebrate!

Sources:

http://www.fairtrade.net/fileadmin/user_upload/content/2009/about_fairtrade/2011-06-28_fair-trade-glossary_WFTO-FLO-FLOCERT.pdf

http://www.investopedia.com/terms/

 

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