ABSTRACT
Although empirical studies on the effects of bilateral investment treaties (BITs) largely remain inconclusive as to whether the conclusion of these treaties in fact leads to any increase in the flow of foreign investments (Muchlinski 2008: 4–44; Berger 2010), the international investment treaty regime must, at least based on the large number of BITs that have been concluded, be considered successful. Since the first BIT was concluded between Germany and Pakistan in 1959, more than 2700 BITs have been signed. 1
