Revisiting the fair and equitable treatment in international investment law

Abstract

Even if the fair and equitable treatment has been characterised as the grundnorm of international investment law and even if it is widely invoked in the arbitration practice, its definite normative content has always been subject to many debates. It is undisputed that the fair and equitable principle has gained considerable importance in international investment law. Indeed, the violation of the fair and equitable treatment is invoked in most cases submitted to arbitral tribunals.  Most bilateral and multilateral agreements on investment protection contain a specific provision whereby the host State binds itself to confer a fair and equitable treatment to foreign investors and their investments. The aim is to guarantee foreign investors that their investment will be treated in a just manner.