A resolution was adopted in the UN Human Rights Council on June 26 that will begin the process of elaborating an international legally binding instrument on business and human rights. Despite strong opposition from the EU and US, the resolution received affirmative votes from 20 member States on the Human Rights Council, while 13 States abstained. France, Germany, Italy and Ireland were also among the 14 opposing countries.

This victory in the promotion of human rights was welcomed by the Treaty Alliance, a group of networks and campaign organizations collectively working to organize advocacy in support of developing binding international regulation to address corporate human rights abuses. A statement calling for an international legally binding instrument has been signed by 610 civil society organizations and social movements and 400 individuals from 95 countries. Additionally, the Subcommittee on Human Rights of the European Parliament and the Vatican have made statements supporting the creation of such an instrument.

2015 marks both the target date for the achievement of the Millennium Development Goals (MDGs) and the 20-year review of the Beijing Platform for Action (BPfA). As governments discuss progress made on the MDGs and the BPfA and make commitments on international development and women’s rights for the coming decades, what kinds of financial and fiscal policies are needed to achieve human rights, sustainable development, and gender equality in the post-2015 global development agenda?

Political will and political power and sustainable policies at national level as well as national policy space and fair international trade, money and finance systems are essential to tackle poverty and inequality, according to experts at an eminent panel discussion at the UN Conference on Trade and Development (UNCTAD) last week.

The experts on the panel were discussing best policy practices for tackling poverty and inequality on the road to achieving sustainable development.

The discussion took place in a round-table session on 19 June, during UNCTAD's two-day Public Symposium (18-19 June), which this year coincided with UNCTAD's own fiftieth anniversary celebrations.

When the United Nations began negotiating a Code of Conduct for Transnational Corporations (TNCs) back in the 1970s, the proposal never got off the ground because of vigourous opposition both from the powerful business community and its Western allies.

“The need of a multilateral dept dispute resolution mechanism was highlighted by the financial crisis of 2008 and the debt crises that it unleashed in several European countries. It is dramatically emphasized in these days by the tragic fact that a country like Argentina that is fighting hard to lift its people out of poverty, reconstruct the national economy destroyed by two decades of neoliberalism and recover the trust of the international financial markets is being attacked by unethical “vulture funds” and might be even forced into default by a resolution over its sovereign debt taken by the justice system of another country. This does not only threatens to submerge millions of Argentinians back into poverty but might even put into risk the whole international financial system” said Roberto Bissio, on behalf of Social Watch, during the Special Session of Trade and Development Board organized by UNCTAD Geneva, 17 June 2014.