2.6   Fair Trade Practices and

.  Fair Trade Practices and World Trade Organization Fair Trade is a way of doing business that ultimately aims to keep small farmers an active part of the world market place, and aims to empower consumer to make purchases that support their values. „ Raising and stabilizing the incomes of small- scale farmers, farm workers and artisans. „ More equitably distributing the economic gains, opportunities and risks associated with the production and sale of these goods. „ Increasing the organizational and commercial capacities of producer groups. „ Promoting labor rights and the right of workers to organize. „ Promoting safe and sustainable farming methods and working conditions. Fair trade is about better prices, decent working conditions and fair terms of trade for farmers and workers. Principles of Fair Trade Organization „ Creating Opportunities for Economically Disadvantaged producers. „ Transparency and Accountability . Some Multinational Companies in India Company Headquarter Type of Industry Countries of operating Hero Motocorp New Delhi Automobile Columbia, Bangladesh, Africa Bajaj Pune Automobile United Arab Emirates (UAE), Bangladesh TVS Chennai Automobile Brazil,Chile,Colombia, Mexico,Peru State Bank of India Mumbai Banking Australia, Bangladesh, Belgium Bharti Airtel New Delhi Communication South Asia, Africa - - . . AM - - . . AM Globalization and Trade „ Fair trading practices and payment of a fair price. „ Ensuring no child labour and forced labour. „ Commitment to non-discrimination, gender equity and freedom of association. „ Providing capacity building and promoting fair building. „ Respect for the environment. GATT: (General Agreement on Tariffs and Trade) GATT was signed by countries in . India was one of the founder members of GATT. The Director General of GATT, Arthur Dunkel, came up with a Draft Final Act, known as Dunkel Draft was approved and signed. GATT’s primary purpose was to increase International Trade by reducing various tariffs, quotas and subsidies while maintaining meaningful regulations. Rounds of GATT • First in Geneva (Switzerland) ( ) • Second in Annecy (France) in • Third in Torquay (UK) in – • Fourth, fifth, and Sixth in Geneva (Switzerland) in , - ,