Briefly explain the role of the Accord in business studies

Answer 1

In business studies, the Accord typically refers to the "Accord on Fire and Building Safety in Bangladesh." It is a legally binding agreement established in 2013 between international labor unions and clothing brands and retailers to ensure the safety of workers in the garment industry in Bangladesh.

The Accord was created in response to the Rana Plaza building collapse in 2013, which caused the death of more than 1,100 garment workers. Its main role is to monitor and improve the safety standards of factories in Bangladesh, with a particular focus on fire and building safety.

Under the Accord, brands and retailers commit to sourcing from factories that meet specific safety criteria. The agreement involves conducting independent safety inspections, implementing corrective action plans, providing training to workers and management, and establishing worker-led health and safety committees. The Accord also holds brands accountable for their suppliers' compliance with safety standards.

The primary objective of the Accord is to prevent future disasters and improve the working conditions of garment workers in Bangladesh. It has been influential in bringing about substantial improvements in fire and building safety practices in the country's garment industry.