States who subscribe to this statement welcome the steps taken by the Human Rights Council in order to address the issue of the role and [responsibilities] of transnational corporations and human rights...The increasing cases of human rights violations and abuses by some Transnational Corporations reminds us of the necessity of moving forward towards a legally binding framework to regulate the work of transnational corporations...[W]ithout a legally binding instrument, [the UN Guiding Principles on Business and Human Rights] will remain...a “first step” without further consequence. An international legally binding instrument...would clarify the obligations of transnational corporations in the field of human rights, as well as of corporations in relation to States, and provide for the establishment of effective remedies for victims in cases where domestic jurisdiction is clearly unable to prosecute effectively those companies.