Abstract

International trade and investment law is characterized by two distinct models (the constitutional law model, as espoused by the WTO, and the tort law model) that both represent rules-based approaches to the peaceful settlement of disputes, replacing power diplomacy. In contrast with the development of WTO law that has been developed through the 'authentic' interpretation of rather precise behavioural rules driven and controlled by the contracting parties, standards contained in international investment agreements (IIAs) are the result of a 'dilatory formula compromise', that is, a ...