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This chapter examines how the most-favoured-nation treatment standard has come to be regularly included in international instruments and treaties concerning foreign investment. After outlining the special features of this standard in international investment law, it considers the relevant cases that have dealt with claims for applying such a standard differently from what many states and scholars were expecting. The chapter then evaluates whether or not this case-law is actually altering the present international scenario for foreign investment, as one could think in light of the debate which arose from the ICSID Awards in the Maffezini and other subsequent cases.