Apple is constantly making changes to its guidelines and policies, because of that, they will require you to accept new terms and agreements in your Apple Developer account with some frequency.
Some features of your Apple Developer account will get locked until all agreements have been accepted, including the ability to create new versions, certificates, upload apps, etc.
Keep in mind that only the Account holder, in other words, the person who registered the account, can accept the agreements.
Below is a step-by-step guide on how to access your Apple Developer Account and accept all the agreements that are pending.
Open the App Store connect area, here: https://appstoreconnect.apple.com/agreements/
Make sure to log in with your Account holder credentials.
If there are any pending agreements you will see the following screen:
For all your pending agreements, as long as you are logged in as the account holder, you can click on the icon displayed on the "Action" column and then select "View and Agree to Terms":
This will trigger a popup with all the latest terms, which you can then agree to by clicking on the following button:
That's it! Just make sure to confirm that all agreements have been accepted.
Do I need to accept the Paid Apps agreement? Why?
Yes, you will also need to accept the Paid Apps agreement even if you do not offer any type of payment in your app.
You don't need to set up your tax and bank information though, simply accepting the terms is enough.