Introduction

Although the ICSID award in Tecnicas Medioambientales Tecmed S.A. v. The United Mexican States was handed down almost three years ago, revisiting the decision still seems a worthwhile endeavor. Not only has Tecmed been approved of in subsequent investment arbitrations,[1] but more importantly it lays the basis for a trend-setting approach to the concepts of indirect expropriation and fair and equitable treatment. With respect to both standard guarantees in international investment protection, Tecmed is a landmark decision with a methodological approach that ...