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Diversity And Harmonization Of Treaty Interpretation In Investment Arbitration

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Chapter Summary

Investment arbitration typically involves a variety of treaties. Most frequently it is based on bilateral investment treaties (BITs). Alternatively, multilateral regional treaties such as the North American Free Trade Agreement (NAFTA) or the Energy Charter Treaty (ECT) are the basis of consent to arbitration. In addition, multilateral treaties such as the Convention on the Settlement of Investment Disputes between States and the Nationals of Other States are frequently interpreted and applied. Investment arbitration takes place before ad hoc tribunals. This chapter looks at the methodology of tribunals in interpreting treaties, at their willingness to follow previous decisions on like questions and at possible methods to achieve consistency and harmonization.

Keywords: bilateral investment treaties (BITs); harmonization; investment arbitration; multilateral regional treaties; Vienna Convention



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