Abstract
The general rule on the interpretation of treaties as codified in Article 31 VCTL has received increasing attention in investment arbitration. It unfolds an objective method focused on the meaning of the text in order to frame interpreters’ discretion. The elements and limits of such method are discussed here in the context of investment treaties, and illustrated by recent cases. The analyses also relies on the most recent works of the International Law Commission of the United Nations, notably on interpretation according to States’ subsequent practice and according to other relevant rules of public international law. It is argued that the method of Article 31 VCTL is appropriate to reduce uncertainty in international investment law and arbitration, but that an overemphasis on systemic consistency as an objective of treaty interpretation involves risks.
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