Introduction

Firstly, I will briefly address an important philosophical issue which is at the root of the interpretative exercise involving international investment agreements that concerns the application of the concept of 'good faith'. This issue raises the question of whether investment treaties should be interpreted for the benefit of states (as one may expect in a state centred system) or for the benefit of the subjects being protected under these treaties, the 'investors', or based on some form of balance between the two. This has resulted in the debate concerning whether investment ...