In addition to that, International Arbitration Tribunals such as ICSID have gone even further by extending the scope and application of some of the BIT provisions when interpreting them.
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The advent of BITs however, ushered a new era of protection for investment in foreign lands, for not only did they codify the existing customary international law principles of protection of foreign investment, but also extended the scope of such rules to a great extent as well as added new provisions designed to offer as much protection as possible to foreign investors. States have generally been more willing to compromise under BITs keeping in view the fact that the BIT will eventually last for a certain number of years and not create a binding universal norm, the way a multilateral treaty would. This is because negotiations at a bilateral level have been much easier to achieve given the North-South divide on the content and scope of the key investment principles.
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In the absence of a global investment treaty, BITs have emerged as the single most influential instruments of investment promotion and protection. They usually last for a period of about 20 years, covering an additional stated period after the expiry of the agreement and in any event are mostly terminable by notice by either Contracting Party, at least one year in advance.īilateral Investment Treaties first came to be negotiated in the latter half of the 20th century between Germany and Pakistan and since then, BITs have emerged as a cornerstone of investment protection for foreign investors because they grant them the regulatory protection and safeguard against political risks in foreign lands. In addition to the codification of the customary principles, the BITs contain provisions that are much more detailed and innovative, for instance, the provisions containing the definition of key terms such as ‘investment’, ‘investor’, ‘expropriation’ etc. BITs typically impose obligations on the host States to provide for the basic standards of treatment and investment protection as enunciated in customary international law, including the Most Favored Nation Treatment, National Treatment and the Fair and Equitable Standard of Treatment. The Bilateral Investment Treaties (BITs) are international agreements between States inter se that commonly provide for a framework in which investment from one State (home State) is to be received and managed within the other State (host State). The aim of this paper is to review all the protective provisions found mostly in all BITs, whether coming from customary international law or enunciated through the BIT itself in order to illustrate the implications of those provisions so that a proper understanding of the obligations imposed therein on the host States can be illustrated.