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Market Pulse

Market Pulse March 2015

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The Textile & Clothing sector of Bangladesh is the backbone of the country’s economy. However, a few fatal incidents in recent years have raised the question about maintaining health and safety standards in the factories of Bangladesh. Doing business sustainably now depends on the extent a manufacturer is acting with a socially responsible attitude. However, though ensuring compliance strengthens the position of developing country firms in more demanding markets, global standards can also restrict market access by raising costs incurred by the firms. Despite these concerns, compliance with labor, environmental and social standards have emerged as a key factor in selecting suppliers by leading global brands. Credible and independently monitored certification against global standards offers buyers a basis for offsetting commercial risks. Thus, garment producers of Bangladesh increasingly have to meet buyer’s codes of conduct as well as sector specific and cross-sector standards. This issue’s cover story endeavors to bring all these issues on table and discusses the Compliance Issues and What Manufacturers in Bangladesh Can Do from a holistic view.