Gap Inc chairman and CEO said on Tuesday the US retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh\u2019s garment industry, provided there were some \u2018very minor accommodations\u2019, reports Reuters.
\nA series of incidents at factories has focused attention on safety standards in Bangladesh\u2019s booming garment industry while creating a trans-Altantic divide between US and European retailers over ways to resolve these issues.
\nSome US retailers, including the owner of the Gap, Banana Republic and Old Navy chains, had said they would not join the European pact without changes to the way conflicts are resolved in the courts.
\nIndustriALL, a union organisation based in Europe which helped create the pact, had said the agreement could not be amended to address concerns of US companies.
\nSpeaking at the company\u2019s annual general meeting on Tuesday, Gap Inc
\nCEO Glenn Murphy said the company was still in discussions over the agreement proposed by European labour groups. Under this pact, retailers would be subject to a binding arbitration that would be enforceable in the courts of the country where a company is domiciled.
\nMurphy did not mention specific changes sought by Gap Inc.
\n\u2018We\u2019ve not given up that a global accord of some kind can be worked out,\u2019 he said, but added that the proposal at present did not \u2018make sense\u2019 for the company.
\nBinding arbitrations typically restrict the ability of parties to appeal any decision in court, which makes US retailers nervous about possible consequences of arbitration.
\nMany European retailers, including the world\u2019s two biggest fashion retailers – Inditex SA and Hennes & Mauritz – had signed on, along with almost 30 other companies. Among US retailers, only PVH Corp and Abercrombie & Fitch Co are on board.<\/p>\n

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Gap Inc chairman and CEO said on Tuesday the US retailer was ready to sign a global accord designed to prevent another deadly disaster in Bangladesh\u2019s garment industry, provided there were some \u2018very minor accommodations\u2019, reports Reuters. A series of incidents at factories has focused<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[4],"tags":[10793,11131],"yoast_head":"\n