Introduction

The fair and equitable treatment standard (FET) in International Investment Law is one of several standards of protection commonly used in Bilateral Investment Treaties (BITs) establishing the treatment a foreign investor is entitled to by a host state. The FET standard has currently become one of the most invoked treaty standards in investment arbitration and is contained in most BITs, even though, ironically, no uniform version of the standard is found. There is high debate in the arbitral jurisprudence side by side with the scholars as to the nature and, even more controversial, ...