Several fair trade organisations chose this definition in 2001:

“Fair Trade is a trading partnership, based on dialogue, transparency and respect, that seeks greater equity in the international trade. It contributes to sustainable development by offering better trading conditions to, and securing the rights of, marginalized producers and workers – especially in the South." 

Fair trade is therefore simultaneously a trading business and a development process.
Its two main objectives are to improve the position of small, marginalized producers in the South and, in the long term, to modify the functioning of international trade by mobilising consumers in the North.