This is Buchananoid, or maybe Naderite. Or maybe both. You can't have binding international labor standards, or any other kind, without some kind of authority which supercedes national government. A standard without an enforcement mechanism is merely voluntary.
"Sovereignty" is a straw man. If a nation enters into an agreement to accede to supra-national authority in certain areas, it has not lost its sovereignty. It can always opt out, albeit at the possible cost of suffering consequences, though this is true with or without any such agreements.
mbs