The Evolution of Substantive Investment Protections in Recent Trade and Investment Treaties

Brief
Date period
7 November 2018

Over the years, the substantive content of international investment agreements (IIAs) has shifted to reflect political change and to respond to lessons learnt in investor-state dispute settlement (ISDS). With a focus on eight IIAs, selected with a view to geographical representativeness, this think piece explores substantive standards in recent treaty practice. It finds that new IIAs converge to a large extent with respect to their substantive standards. Old generation IIAs will probably remain dominant for some time as they represent the bulk of existing agreements. But there is a clear trend towards displacing them with the conclusion of new generation IIAs.