Abstract
Due to the significant importance of foreign investment in the economic growth of countries, especially developing countries, the purpose of this research is to review the international standards of investment in international arbitration procedures and investment treaties which have been very effective in removing investment barriers, as well as protecting and attracting more foreign investors in host states. The research method used in this research is descriptive-analytical using library resources. The present study, by describing and analyzing concepts and examples and methods of enforcement of international standards of investment in bilateral and multilateral investment treaties as well as the international arbitration procedure, has concluded that these standards are very flexible and dynamic,and they evolve over time.
Highlights
Foreign investment plays an important and crucial role in economic development so that foreign investment attraction has become one of the main directions of economic policymaking in developing countries
Capital importer states concerned about looting of national wealth and resources and capital exporter states and their investors concerned about the violation of investment in the host state, so, in order to eliminate these concerns and to regulate the relations between these states in the field of investment and to make stability, security, protection and guarantee of investments, many Bilateral Agreements on Promotion and Protection of Foreign Investment were concluded between these states that had a significant impact on the growth of foreign investment and nowadays, bilateral investment treaties are most widely used in developing countries such as Brazil
One of the most fundamental provisions that exist in these agreements is international treatment standards that the host states are required to follow them in dealing with foreign investment
Summary
Foreign investment plays an important and crucial role in economic development so that foreign investment attraction has become one of the main directions of economic policymaking in developing countries. Importance of foreign investment in economic development urged many developing countries to create the favorable circumstances for foreign investors in their territory that it causes to flow investments towards them. One of the most fundamental provisions that exist in these agreements is international treatment standards that the host states are required to follow them in dealing with foreign investment. These standards include fair and equitable treatment (FET), full protection and security (FPS), national treatment (NT) and most-favored-nations treatment (MFN). Standards of fair and equitable treatment and full protection and security are independent and absolute in nature because there are no special conditions for their implementation by the host state. National treatment and most-favored-nations treatment standards are contingent or relative because their application depends on the conduct taken by the host state with respect to other investors (Salacuse, 2015 ; Brabandere, 2016, p. 2)
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