Fair trading practices refer to the ethical and transparent methods businesses use to engage with consumers. These practices ensure that customers receive accurate information about products and services, allowing them to make informed choices. They also involve fair pricing, honest advertising, and the protection of consumer rights, which helps build trust between businesses and their customers. Additionally, fair trading practices often include compliance with laws and regulations designed to prevent deceptive practices. Organizations like the Federal Trade Commission (FTC) in the United States enforce these rules, promoting a marketplace where competition thrives and consumers are treated fairly.