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Research Paper | Business Management | Korea, South | Volume 12 Issue 7, July 2023 | Rating: 4.5 / 10
A Study on Solutions for Overcoming Fair Trade Challenges and Limitations
Abstract: This study investigates the challenges faced by fair trade initiatives and explores potential solutions to overcome these limitations. Fair trade, as a movement promoting ethical and sustainable trade practices, has gained traction in recent years. However, it also confronts various obstacles that hinder its widespread adoption and impact. These challenges include low awareness among consumers and businesses, limited market access for fair trade products, price competitiveness, supply chain transparency issues, and the need for capacity building in developing countries. To address these challenges, this study proposes several solutions. Firstly, providing comprehensive support to producers, Fair Trade organizations can empower them to overcome challenges related to production costs, management, and market access. These efforts contribute to building sustainable and resilient producer communities while promoting equitable and ethical trade practices globally. Secondly, promoting market access for Fair Trade certified products, Fair Trade organizations create more opportunities for producers, diversify their market channels, and reduce their vulnerability to price fluctuations. This, in turn, helps to improve the livelihoods of producers and contributes to a more equitable and sustainable global trade system. Additionally, implementing certification and auditing processes can improve supply chain transparency, ensuring adherence to fair trade standards. Lastly, Enhancing Transparency & Accountability and Collaboration & Partnerships will help overcome the limitations of Fair Trade. The findings of this research contribute to the existing body of knowledge on fair trade and offer practical insights for policymakers, fair trade organizations, businesses, and consumers. By addressing the identified challenges and implementing the proposed solutions, fair trade can overcome its limits and achieve broader adoption, leading to a more equitable and sustainable global trade system.
Keywords: Fair trade, Strengthening Producer Support, Promoting Market Access, Addressing Certification Costs, Enhancing Transparency and Accountability
Edition: Volume 12 Issue 7, July 2023,
Pages: 964 - 970