Introduction

The universe of international investment agreements (IIAs) continues to expand and is becoming increasingly complex. As of the end of 2006, more than 2,500 bilateral investment treaties (BITs), 2,600 double taxation treaties and 240 other agreements with investment provisions - such as free trade agreements - existed. This impressive IIA network has several characteristics: (a) Firstly, it is universal, in the sense that nearly every country has signed at least one IIA, and the great majority of countries are party to several, if not many, agreements relating to ...