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""International investment law is best described as a field of public international law which deals with the laws governing the commercial activities of multinational enterprises that are undertaken in foreign states. This occurs when a business or firm decides to open a branch of operations overseas, such as a factory or a mine, and in so doing it may come into conflict with that host state's laws. These may control the nature or extent of the economic activities the firm is allowed to pursue, such as licensing requirements, labor or environmental standards. While this situation may appear to be a matter for resolution by application of domestic laws of the host state through its courts, increasingly recourse is given to international law and international tribunals for answers. International investment law is a species of public international law in the sense that it comprises legal commitments made by sovereign states at the international level as captured by the international investment agreements. While often overlooked, it also has private law elements because the rights (and to a lesser extent obligations) of firms are in some cases formulated by investment contracts between firms and the states in which they operate. In this latter sense, international investment law can be viewed as field of transnational contract law, governed both by domestic legal systems and by the rules of international law"--"

"Attempts at developing a theory of international investment law are complicated by the fact that this field of international law is based on numerous, largely bilateral treaties and is implemented by arbitral panels established on a case-by-case basis. This suggests a fragmented and chaotic state of the law, with different levels of protection depending on the sources and targets of foreign investment flows. This book, however, forwards the thesis that international investment law develops, despite its bilateral form, into a multilateral system of law that backs up the functioning of a global market economy based on converging principles of investment protection. In discussing the function of most-favored-nation clauses, the possibilities of treaty-shopping and the impact of investor-State arbitration with its intensive reliance on precedent and other genuinely multilateral approaches to treaty interpretation, it offers a conceptual framework for understanding the nature and functioning of international investment law as a genuinely multilateral system."

"Addressing the pressing need to examine foreign investment law in the context of public international law, the role of the multinational corporation in foreign investment and issues of liability for environmental and other damage, this book analyses contractual and treaty-based methods of investment protection and examines the effectiveness of bilateral and regional investment treaties. By offering analysis of the law in historical, political and economic contexts, the book captures leading trends and charts the possible course of future developments."

"Sornarajah (law, National University of Singapore) surveys the international law developed to protect foreign investment by multinational corporations, and considers the ways in which misconduct on the part of such corporations in host states can be controlled. Focus is on the protection of foreign investment and the problems associated with such protection, with discussion of treaty-based methods, analysis of several bilateral and regional investment treaties, and consideration of the WTO's failure to agree on a multilateral treaty system."