Introduction

An investor choosing between investing in two diverse countries will, among other factors, look to the standard of protection it can expect from the host State.[1] After the recent explosion in bilateral investment treaties (BITs), the investor will increasingly be able to look to the provisions of such a treaty to determine those levels of protection. Due to the largely homogenous nature of modern BITs, the investor is likely to encounter similar provisions. For example, on the face of the treaty, a U.S. investor is offered a similar standard of protection when it invests in ...