Human rights institute welcomes the draft elements of the binding treaty and calls for further cooperation
"Building on the UN Guiding Principles towards a Binding Instrument on Business and Human Rights", March 2018
Globalized economic structures have led to gaps in human rights protection. Transnational corporations have steadily gained power and influence as globalisation has intensified...The time has come to move from voluntary standards to hard law [regarding business and human rights].
The German Institute for Human Rights supports the treaty process...The draft elements restate and clarify extraterritorial state obligations in the field of business and human rights and aim to strengthen international cooperation to prevent, monitor and remedy the adverse effects of corporate activities on human rights. At the same time, they attempt to dissolve the discrepancy between the ever-increasing regulatory density in the field of bi- and multilateral investment protection and the lack of regulation in the area of human rights. Importantly, they have the potential to prevent a race to the bottom with regard to legislation and enforcement.
The draft elements are a good basis for further intergovernmental negotiations. However, they must become clearer and more precise during the negotiation process...[The] draft elements should show by their adoption of standards, terminology, and content that they complement and build on the existing moments of international consensus on this issue.