Toward a “New MFN Debate” in Investment Treaty Arbitration
Most-Favored-Nation (MFN) clauses present, in the words of the U.N. International Law Commission (ILC), one of the “most vexed interpretive issues under international investment agreements.” The clause nevertheless persists, supplying one of the key non-discrimination requirements in modern investment treaties and free trade agreements. In essence, the MFN clause prohibits nationality-based discrimination among foreign investors: the host state undertakes to treat the investor’s investment as favorably as investments from other countries.
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