This policy paper has a dual purpose. On the one hand, it critically analyses the content of the Zero Draft in order to identify the improvements and innovations proposed in the revised draft. On the other hand, it reflects on the position of various stakeholders in relation to the content and the uncertain future of the document, taking as a reference their participation in the Working Group’s fourth session…The 2019 revised draft offers much more precise, clear and consistent language, structure and content. For example, one of the most obvious changes in the structure is that the preamble is no longer located within the operative part of the text. Likewise, the revised draft aims to reach a greater consensus and to reconcile the positions of those parties in favour of the treaty and of those that oppose a binding instrument that may affect the implementation of the Guiding Principles. The preamble to the revised draft not only uses language closer to the Guiding Principles, but also notes the role they have played in the business and human rights agenda of the HRC through the practical implementation of the United Nations Framework of “Protect, Respect and Remedy”. This reference to the Guiding Principles can be seen as a call on the critics of the treaty to participate in a constructive way and to show a spirit of collaboration during the negotiations, taking into account the compatibility and complementarity between these two instruments.