What is fair trade product?

Fairtrade products are products that have been produced while minimum standards set for working conditions have been met. A quote taken directly from their website (see related link) explains this better:

"Fairtrade is about better prices, decent working conditions, local sustainability, and fair terms of trade for farmers and workers in the developing world. By requiring companies to pay sustainable prices, Fairtrade addresses the injustices of conventional trade, which traditionally discriminates against the poorest, weakest producers. It enables them to improve their position and have more control over their lives."