Introduction: Evolution in investment treaty law and arbitration

TL;DRAbstract

International investment law is a well-established discipline grounded in principles of customary international law that stretch back into the nineteenth century. In recent times, however, it has become quite evident that the law is in a state of flux. In particular, with the advent of investor–State arbitration in the latter part of the twentieth century, new levels of complexity, uncertainty and substantive expansion have been emerging. Indeed, in many ways, a discrete field of investment treaty law has developed, largely driven by the exponential growth in investment treaty arbitration over the last decade. Together with the continued proliferation of bilateral investment treaties (BITs) as well as the more recent trend of States concluding free trade agreements (FTAs) containing investment chapters, the now often very detailed reasoning set out in an increasingly large number of arbitral awards has contributed to rapid developments in the field. Such change has reached into almost

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