Introduction

Bilateral investment treaties (or BITs), are based on the exact opposite of Calvo's doctrine. BITs provide for specific international standards for the treatment of investments and allow covered investors to initiate international arbitration proceedings against their host State. In May 1990, Argentina began to conclude BITs, first mainly with G7 countries but then also with countries in Latin America, Eastern Europe, Africa and Asia. By May 1996 Argentina had concluded 38 BITs, more than at that time had been concluded by the United States and more than any other Latin ...