Introduction

The so-called "backlash" against investor-state dispute settlement (ISDS) has been well-documented. The extent and validity of dissatisfaction with ISDS, and the investment treaty arbitration (ITA) system of which it is the operative mechanism, remains a hotly contested subject. This paper does not delve into these debates, but takes for granted that the ITA system, having developed apace over the past two decades, is undergoing a period of reappraisal - which is involving intense scrutiny from various quarters as to its conceptual foundations, normative basis, substantive nature, and ...