China National Textile and Apparel Council (CNTAC) and Foreign Trade Association (FTA) of Europe inked the first Sino-European cooperation agreement on corporate social responsibility (CSR), on Friday.
According to the agreement, both CANTAC and FTA will share information, evaluate suppliers and retailers and prepare training material to improve the supply chain.
CSR is a concept where organizations are obliged to consider the interest of customers, employees, share holders, communities and ecological considerations in all aspects of their operations.
Recently, Chinese enterprises have become aware about CSR due to economic globalization.
Since 2005, CNTAC has implemented CSR practices like establishing a CSR promotion office, formulating a CSR industrial code for China's textile and apparel businesses, and conducting annual CSR reports in China.
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