Why the Binding Treaty is Important to Us, Video by Focus on the Global South
"Video: Why the Binding Treaty is Important to Us in Focus", 27 Oct 2021
"... over the past decades, the model of deregulation and free trade espoused by the WTO has fueled the rise of inequality and corporate power where some of the largest TNCs today have more economic and political clout than many sovereign countries.
... [it is time] to balance the scales and impose legal obligations on TNCs.
... A legally binding instrument on TNCs and human rights is critical to correct the asymmetry that exists, where transnational corporations are given rights under free trade agreements and investment treaties, but have no obligations under international law to protect and respect human rights, the environment and public interest.
It is important to stress the transnational character of these enterprises, because that is where the gap is...
...TNCs use offshore tax havens to avoid paying their legitimate share of taxes in developing countries.
Many of the factories that supply big brands are located in Asia. Many of the abuses are also committed in Asia.
A legally binding treaty would prevent transnational corporations from moving operations across countries to exploit lax national regulations...
...Experience over the last two decades shows that voluntary codes of conduct and multi stakeholder initiatives are not effective in preventing corporate abuse of power and providing effective remedies.