ABSTRACT
Since the first bilateral investment treaty between Germany and Pakistan in 1959, international investment agreements (IIAs) have been negotiated with the twofold aim of protecting and promoting foreign investments. The core standards of investor and investment protection, such as the prohibition on discrimination against investors, guarantees of fair and equitable treatment of investors, and protection of investors against unlawful expropriation are the means through which these aims are achieved. In response to new economic realities and concerns about the international investment law regime’s impact on states’ freedom to regulate in the public interest, IIA provisions are being drafted with increasing precision to provide a better balance between investor protection and states’ right to regulate. As well, new provisions, such as exceptions and investor obligations, are being included in recent treaties or are being contemplated.
