Statement, 25 October 2021

South Centre Statement to the 7^th Session of the Open Ended Intergovernmental Working Group on transnational corporations and other business enterprises with respect to human rights

The South Centre, as the intergovernmental organization of developing countries, has keenly followed the evolution of the process towards the adoption of a Legally Binding Instrument on transnational corporations and other business enterprises since its inception and over the various sessions of this Working Group.

We welcome the strengthening of the text of the draft LBI with contributions of State delegations and civil society organisations, particularly from the Global South. The third revised draft of the LBI being discussed this week reflects many of the comments and textual suggestions made in the previous sessions of the Working Group and streamlines the provisions for their effective implementation. The process now moves into a very important phase with State-led direct substantive intergovernmental negotiations and raises hopes for the adoption of the LBI in the near future.

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South Centre Statement to the 7th Session of the Open Ended Intergovernmental Working Group on transnational corporations and other business enterprises with respect to human rights