The paper considers that the MFI or PFI should be based on a systematic reform of the IIA regime “from root to rules,” reflecting the fundamental shift of tension “from North-South divide to private-public debate.” The outcome should be a balanced and liberal investment regime rectifying the deficiencies in current IIAs, from the preamble to definitions, from substantive to procedural rules, and from investment norms to relevant social clauses. The 2016 G20 Summit would provide a good opportunity for the proposals related to an MFI/PFI to be brought for consideration by world leaders. The WTO remains the best venue to negotiate such an MFI/PFI, while a trilateral investment or free-trade agreement between the US, the EU, and China could provide a solid stepping stone.