Bangladesh textile and apparel companies will launch their own factory inspection and remediation initiative similar to the Bangladesh Accord on Fire and Safety and the Alliance for Worker Safety. A new local-based organization, Shonman, is being set up to oversee worker safety in the Bangladesh garment and textile industry.

Accord recently announced a three-year extension of its tenure in Bangladesh, which has been opposed by garment makers in the country. They say it is unfair for foreign retailers and brands to impose unilateral decisions on worker safety on a sovereign country.

New factories registering after December this year would have to pay for their inspections based upon the square footage of their facility. Arbitrations will be governed by the country's laws and administered by the Bangladesh International Arbitration Centre. Thorough, credible safety inspections of new factories and routine monitoring of old ones shall be carried out by skilled personnel selected by and acting under the direction of the implementation board. From 2021, Shonman would become fully self-financing.

Accord is a legally binding platform formed in May 2013 after the Rana Plaza building collapse with a five-year tenure for building inspection and remediation. Its tenure expires in June next year.