Transnational corporations (TNCs) control two-thirds of global trade and investments. The total foreign assets of the top 100 TNCs amounted to US$18 trillion in 1998, according to the 1999 World Investment Report. 3 Trade these days is not confined to goods, but also includes services and intellectual property rights (IPRs). Investment is no longer confined to the physical establishment of a plant or an office, but also includes portfolio investments. There is no doubt that the transnational nature of giant corporations in the past ten years has led to huge cuts in costs of production of goods and services, and has increased global output dramatically. There are, however, still major concerns regarding corporate accountability and responsibility among governments, civil society groups, trade unions and communities worldwide. Human rights and environmental protection are at the forefront of these concerns.