Introduction

International Investment Agreements or “IIAs” have become a key feature of international law over the past 60 years. More than 175 states have concluded IIAs. As of 2011 there are over 3,000 IIAs in existence, including more than 2,800 BITs and 300 other economic agreements containing investment provisions. ¹ On average, during 2010, one BIT a week was concluded and 20 of those were between developing countries and/or transition economies. ² While the extent of IIA coverage is wide, room for growth remains. According to UNCTAD, “[t]oday’s IIA regime offers protection to more than two-thirds of global FDI stock, but covers only one-fifth of possible bilateral investment relationships.” ³ UNCTAD estimates that 14,100 more BITs would be required to cover all bilateral investment relationships! ⁴ Of course, for a number of different reasons, “all” possible relationships will never be covered. However, the subject of this book—Improving IIAs—is still very much one that needs in-depth study. This book aims to inform the conclusion of new IIAs as well as the renegotiation of BITs, in particular those that were signed before the full extent of the impact of investor-state arbitration was felt.