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Free Trade Vs Fair Trade Essay

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What is free trade and fair trade? Free trade has no specific definition, but as sales of goods and services are being purchase and sold unrestrictedly between nations without forcing any limits such as tariffs, duties and quotas. Besides, this trade is a win-win proposition because it allows the countries to focus on their main competitive advantages which is maximizing economic output and fostering income growth for their citizens (Investopedia 2012). Moreover, the key advocate of free trade include organisations such as the WTO ‘World Trade Organization’, IMF ‘The International Monetary Fund’ and the World Bank. Whereas, fair trade is defined as even-handed partnership between marketers of all parts of the world. Fair trade is basically …show more content…

Free trade main goal is to increase nations’ economic growth whereas Fair trade main goal is to empower marginalized people and improve the quality of their lives. Free trade focuses on Multinational corporations, powerful business interests while Fair trade focuses on vulnerable farmers, artisans and workers in less industrialized countries. Furthermore, the supply chain of Free trade includes many parties between producer and consumer whereas supply chain for Fair Trade includes fewer parties, more of direct trade. Major actions that can be found for Free trade are countries lower tariffs, quotas, labor and environmental standards whereas major actions that can be found for Fair trade are businesses offer producers favourable financing, long-term relationships, minimum prices and higher labor and environmental standards. In conclusion, free trade is differs from fair trade, therefore, ‘free trade is not fair trade’. In spite of the fact that, Fair trade has shown to improved many lives is continuing to improve peoples in developing countries, we should know that fair trade is not free trade. As time passes, fair trade would soon give way to the natural forces of competition and free market demand and supply that will inevitably improve the economies. All of the above proved that free trade is not fair

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