Introduction

International investment law has evolved dramatically in the course of the 1990s, with increasing numbers of investment claims brought by investors directly against states.[1] Today, international investment protection instruments, the most ubiquitous of which is the bilateral investment treaty (BIT),[2] systematically provide for the right of a foreign investor to claim directly against a host state for violations of treaty protections. Investors have been granted the right to bring claims to an arbitral tribunal constituted under one of various sets of international arbitration ...