Even though labor unions and NGOs agree in essence on the need for internationally binding rules for business enterprises, they have not reached agreement on a uniform position on the Norms [“UN Norms on the Responsibilities of Transnational Corporations and Other Business Enterprises with Regard to Human Rights”]. The present discussion paper will seeks to cast light on the positions shared by the two sides and to focus on the issues under dispute. Since one of the weighty arguments advanced by the union side was the issue of possible competition between the UN Norms and the ILO, the paper will pay particular attention to this question. The first section of the paper will take a comparative look at the UN Norms, the ILO corporate responsibility instrument, i.e. Tripartite Declaration on Principles concerning Multinational Enterprises and Social Policy, with a view to discussing their potential for further development...Section 1 therefore focuses on the question of what potential the ILO has to establish rules for the human rights-related conduct of business enterprises. Section 2 then goes on to present and discuss the positions of NGOs and labor unions on the UN Norms, and Section 3 draws conclusions bearing on the work yet to be done.