Investment treaty arbitration—an introduction


Produced in partnership with Joe Tirado, Partner of Garrigues UK LLP and Elisa Vicente, Senior Associate of J&A Garrigues, S. L. P.
Practice notes

Investment treaty arbitration—an introduction


Produced in partnership with Joe Tirado, Partner of Garrigues UK LLP and Elisa Vicente, Senior Associate of J&A Garrigues, S. L. P.

Practice notes
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This Practice Note provides an introduction to investment treaty arbitration.

Broadly, an investment treaty arbitration involves the resolution of (most commonly) a foreign investor’s claim against a respondent state for alleged breaches of investor protections contained in an investment treaty concluded between either two states or a group of states pursuant to an arbitration agreement contained within the investor-state dispute settlement provisions of the relevant treaty. ‘Investment treaty arbitration’ is sometimes contrasted with ‘international commercial arbitration’, and both forms of arbitration are sometimes referred to under the umbrella term ‘international arbitration’, see Practice Note: International arbitration—an introduction to the key features of international arbitration for consideration of the meaning of ‘international commercial arbitration’.

Investment treaties

Bilateral investment treaties (bits) and multilateral investment treaties (MITs) are central to any consideration of investment treaty arbitration.

Bilateral investment treaties

A BIT is a treaty between two states by which each state agrees to afford rights and protections to investors from the other. Generally, a BIT will provide

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Investment definition
What does Investment mean?

An investment will typically mean any type of property or interest held within the territory of the host state. This will often extend far beyond 'obvious' property, such as real estate or shares in a local company, to (depending upon the circumstances) other interests such as rights under a contract, intellectual property rights and private loans. As with the concept of 'investor,' in the modern commercial world what does and does not qualify as investment can be a complex question. The definition of 'investment' will vary between BITs.

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