Abstract
ABSTRACT: This article analyzes the development of Bilateral Investment Treaties (BITs), and the issues arising out of the possible adoption of a multilateral treaty on the subject. Furthermore, after identifying provisions which are common to most BITs, the article examines whether they could be regarded as "accepted as law", pursuant to article 38, § 1º, b, of the Statute of the International Court of Justice, or according to the traditional concept of custom. The article also deals with issues that may arise out of dispute resolution mechanisms in place between States and investors. Finally, the author considers the need and possibilities of including in BITs provisions against transnational corruption.
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