International Investment Law, A Changing Landscape

International investment agreements reinforce domestic liberalisation and underpin legal security for investment. Recently, a "new generation" of bilateral and regional investment agreements has emerged, together with a growing body of jurisprudence. Analysis undertaken by the OECD Investment Committee of their core provisions and arbitration procedures contributes to a common understanding of their implications, and ultimately better and more predictable outcomes for governments and investors. The present publication includes four surveys which have been developed to support the work programme of the OECD Investment Committee on legal and policy issues arising from international investment agreements. The first survey deals with the role of transparency and third party participation in investor-state dispute settlement procedures. It examines the current rules and recent steps taken to improve transparency. The survey on "Fair and Equitable Treatment Standard" reviews the concept and the elements of its content, based on jurisprudence and state practice. The survey on "Indirect Expropriation and the Right to Regulate" touches upon one of the most frequently contested provisions in investor-state arbitration in recent years. It identifies main criteria found in investment agreements and used by tribunals to articulate the difference between the two concepts. The survey on "Most-Favoured Nation Treatment" reviews accepted principles to interpret the application of this long standing provision in investment agreements.