Briefly explain the role of the Accord in business studies
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.
The role of the Accord in business studies refers to the significance of the international trade agreement known as the "Accord." The Accord, more commonly known as a trade accord or international trade agreement, is an official agreement between countries that aims to facilitate and regulate the exchange of goods, services, and intellectual property across borders.
In business studies, the role of the Accord is to provide a framework for understanding the various aspects of international trade, such as tariffs, quotas, customs regulations, and intellectual property rights. It helps businesses and economists analyze the impact of trade agreements on industries, market competitiveness, economic growth, and employment.
By studying the Accord, business students can gain insights into the benefits and challenges associated with international trade. They can understand how trade barriers, like tariffs and quotas, influence the flow of goods and services between countries, and how trade liberalization can lead to increased market access and economic prosperity.
Additionally, the Accord serves as a practical case study for understanding the role of governments, international organizations (such as the World Trade Organization), and private sector entities in shaping trade policies and negotiating trade agreements. Studying the Accord can also help students understand the complexities of managing international supply chains and the importance of strategic decision-making in the global marketplace.
Overall, the role of the Accord in business studies is to provide a comprehensive understanding of international trade dynamics, policies, and strategies, allowing students and professionals to make informed decisions when engaging in global business activities.