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Part IV Guide to Key Substantive Issues, 20 Fair and Equitable Treatment: Have Its Contours Fully Evolved?

Katia Yannaca-Small

From: Arbitration Under International Investment Agreements: A Guide to the Key Issues (2nd Edition)

Edited By: Katia Yannaca-Small

From: Investment Claims (http://oxia.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved. date: 25 February 2024

Fair and equitable treatment standard — Sources of international law

The fair and equitable treatment (FET) standard is an ‘absolute’, or ‘non-contingent’, standard of treatment, i.e. a standard that states the treatment to be accorded in terms that have their own normative content, as contrasted with the ‘relative’ standards embodied in the ‘national treatment’ and ‘most-favoured-nation’ principles, which define the required treatment by reference to the treatment accorded to other investments in similar circumstances. The FET is the most often invoked treaty standard in investor-state arbitration, present in almost every single claim brought by foreign investors against host States. This chapter tackles the FET standard from two angles: its position in the international law context and the elements identified by arbitral tribunals as forming part of this standard (and their balance).

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