Introduction

This article submits that the proliferating use by MNEs of international investment agreements concluded under BITs which encroach upon the regulatory space generally occupied by States and the wider international community[1] is resulting in the effective privatisation of law. In addition, State agreement to contract-law provisions and a growing body of ICSID case-law are gradually resulting in the creation of an ad hoc international investment regime which might eventually be considered to constitute customary law. While such a regime would in theory provide for 'universal' ...