The Evolution of Bilateral Investment Treaties, Investment Treaty Arbitration and International Investment Law

Abstract

Explores the evolution of the current regime involving foreign direct investment, bilateral investment treaties and investment treaty arbitration, and considers why a harmonised multilateral investment agreement has never been adopted. Reflects on past attempts to harmonise the customary foreign direct investment regime, the resolution of investment disputes over the past century, and the establishment of arbitration forums across the world. Looks at how investment treaty arbitration works and how its substantive norms can potentially conflict with obligations arising out of international trade agreements.

Keywords: Arbitral tribunals, Bilateral investment treaties, Foreign investment, Harmonisation, International commercial arbitration, International investment disputes