Introduction

Claims based on the standard of fair and equitable treatment (FET) have become almost ubiquitous in international investment arbitration. There is hardly a case these days in which this standard is not put forward. But this is a fairly recent phenomenon. As far as I can see, cases dealing with the FET treaty standard go back only about five years. The standard has existed as a sleeping beauty for about fifty years tucked away in a number of documents but was rarely, if ever, kissed awake. Nowadays the FET standard is contained in numerous investment treaties including ...