Introduction

"Bilateral Investment Treaties are not insurance policies" and "NAFTA Tribunals are not Appellate Courts" - these are two favourite quotes of Tribunals and pundits who wish to make clear the scope and limitations of international investment treaties like the Malaysia-Chile BIT at issue in MTD Equity Sdn. Bhd. and MTD Chile S.A. v. Republic of Chile. [1] These statements of caution have been made by Tribunals concerned that Bilateral Investment Treaties ("BITs") will be interpreted too broadly. In particular, the fair and equitable treatment standard common ...