What is the difference between trade practices laws and fair trading laws and what is fair trading all about anyway?
Most consumer protection agencies aim to ensure that the trading that occurs in the marketplace – the buying and selling of goods and services – is fair for both consumers and businesses. This is usually achieved through laws and industry self-regulation which ensure that consumers are adequately informed and protected and that businesses are competitive and do not abuse their market power. The main national law governing this is the Trade Practices Act, which is administered by ACCC. Each State and Territory also has their own “trade practices” law usually referred to as the Fair Trading Act. These mirror the national Act but often have additions that are relevant to that State or Territory.
Related Questions
- How are responsible purchasing practices enforced? Can a company lose the right to use the Fair Trade label if they violate responsible sourcing principles?
- What is the difference between trade practices laws and fair trading laws and what is fair trading all about anyway?
- When did you establish the non-profit fair trading organisation Trade Aid, and why?
