Business and Marketing

Posts Tagged ‘Free Trade’

Free Trade is one of the breakthroughs that are meant to penetrate the business in countries around the world. It has the effect for many countries in Asia which are mostly developing countries. These countries are still undergoing transition towards a modern life. But free trade has a negative effect in which many countries are still not ready to participate in it. They are still not able to sustain the economic condition so as not ready to face competition from other countries business. Therefore, fair trade is the solution to be a barrier to face the free trade.

The free trade has the potential unfair trade behavior. Therefore fair trade must be grown in the local business community in a country. Some components supporting fair trade, among others, are the wealth of culture, human resources, and institutions that oversee ethical business practices. The fair trade principles that need to be enforced are a fair wage, fair treatment of employees, gender, environment-friendly, consumer-friendly and improving skills of the labors. It should be done by growing the awareness with cultural approach in order to change the mentality of institutional culture and form a people power so that fair trade can be realized.

Institutions that oversee the business practices in accordance with the principles of free trade become an important instrument. The agency can deal with cases that touch the realm of the law but remain in the corridor right of consumers to become an effective instrument in the enforcement of fair trade. If the stakeholders synergize to implement fair trade, then a country in transition will be ready to face free trade.