a string or cord that tightens or closes an opening, as of a bag, clothing, or the like, when one or both ends are pulled.
Also, draw string.

1825–35; draw + string

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World English Dictionary
drawstring (ˈdrɔːˌstrɪŋ)
a.  a cord, ribbon, etc, run through a hem around an opening, as on the bottom of a sleeve or at the mouth of a bag, so that when it is pulled tighter, the opening closes
 b.  (as modifier): a drawstring neckline

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Example sentences
He was wearing the type of hospital scrubs with the drawstring tie fly and nothing under them.
The full-length, over-the-cuff gauntlet seals out snow with a one-handed, super-cinch drawstring closure.
The top has spaghetti straps, an adjustable drawstring waist, and a built-in bra.
Attach hood to collar by placing drawstring between flanges on collar.
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