ABSTRACT
The present framework of international investment agreements (IIAs) is primarily composed of bilateral investment treaties (BITs) and regional economic integration agreements with investment chapters (REIAs). They are complemented by a small number of multilateral conventions, which are mainly limited to regulating trade-related matters and formal aspects of the investment regime. 1 This complex maze of investment agreements and the balance reflected therein between the needs and concerns of developed and developing countries is the outcome of a long and still ongoing process of economic negotiations. International investment negotiations are unique in that they bring together a wide range of players with largely opposing views on issues that are strongly interrelated with other economic matters. The inherently volatile nature of investment negotiations is further exacerbated by the fact that the needs and interests of the same set of players can be realized at multiple and partially overlapping levels and venues. While these characteristics compound the generalization of the outcome of investment talks, they underscore the importance of the process of negotiation itself. Any analysis of the means to strengthen consideration of the needs of developing countries in the international investment framework should therefore first assess whether and how the framework of negotiations on IIAs itself can be improved.
