Chris Baker, of Lauds Close, revealed the news at a town council meeting on Tuesday.
He was part of a group tasked with relaunching the concept and visited more than 160 businesses to discuss the idea.
In order to achieve Fairtrade status, the town must make a commitment to supporting Fairtrade and use licensed products with the Fairtrade mark.
Fairtrade is an organised social movement that aims to help producers in developing countries and promote sustainability. It advocates the payment of a higher price to exporters as well as higher social and environmental standards.
Accreditation was first awarded to the town in 2007.