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حقوق::
شروط ماهوی
seems worthwhile offering some useful reflections on how a prospective ICSID appellate facility should approach the content of the substantive terms of international investment agreements (IIAs), and these reflections also have significant ramifications for the ICSID tribunal of first instance.
However, in substantive terms, perceptible commonalities underpin both systems.
These substantive terms are arguably found in over 2000 BITs110 privately negotiated by variegated parties, and are as such unlikely to be amenable to a consistent and unified interpretation.
Accordingly, the substantive terms of each of the separately concluded IIAs would be construed in accordance with its meaning under customary international law.
Following this proposal would lead to the interpretation of substantive terms in investment treaties in accordance with their ordinary meaning would undoubtedly reflect the meaning ascribed to them under customary
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