This Chapter proposes a coherent approach to the review of security exceptions under international trade and investment agreements by international adjudicators. The contribution of this Chapter is two-fold. First, it examines whether the clarification of the scope of the existing security exception clauses and their coherent application by international adjudicators under both regimes could help restrain the securitization of states’ trade and investment policies. Secondly, and conversely, it aims to draw some conclusions about the extent to which existing security exception clauses provide sufficient policy space for WTO members to protect their national interests.

This Chapter examines the diversity of practice in drafting security exceptions under the international economic agreements entered into by the US, the EU, and BRICS. The first part discusses trade agreements, and the second part examines investment treaties. The Chapter compares the texts of the security exceptions used by the US, the EU, and BRICS, identifies to what extent the texts of the analysed agreements differ from the WTO agreements, and examines how such differences affect the approaches of the US, the EU, and BRICS to the application of security exceptions and their interpretation by international and domestic adjudicative bodies. Ultimately, it concludes whether and why different WTO members have different approaches to drafting security exceptions under WTO Agreements and in their regional and bilateral trade and investment agreements.

This chapter examines the intersection of blockchain technology and international investment law, offering an analysis that moves beyond the traditional focus on blockchain’s financial aspects. It explores how blockchain’s decentralization is poised to impact the principles and practices of international investment law. As blockchain technology matures, it becomes essential to assess its implications for the rules governing cross-border investments. A comparative analysis of blockchain’s treatment across jurisdictions provides insights into global legal trends and jurisdiction-specific approaches. The chapter also contemplates ideal normative approaches for adapting to blockchain’s advancements. It underscores that integrating blockchain technology into legal structures can lead to a more transparent, efficient, and inclusive global economic system. This chapter contributes to the broader theme of the book by proposing that international investment law should anticipate and respond to the challenges posed by emerging technologies, preserving and enhancing legal principles.

International investment law faces a paradigm shift with the rise of the digital economy. Emerging technologies such as blockchain, artificial intelligence, and the platform economy redefine investment dynamics while challenging traditional regulatory frameworks. Digitalisation expands cross-border investment opportunities in areas like AI, genomics, and smart infrastructure, while also complicating traditional jurisdictional and territorial considerations. The shift from physical to digital assets necessitates a re-evaluation of the classic definitions of an ‘investor’ and ‘investment’. Meanwhile, states increasingly regulate strategic digital assets under national security concerns, introducing measures ranging from data localization mandates to investment screening mechanisms. These changes raise geopolitical and geoeconomic tensions and highlight disparities in digital governance models between major powers. Investor-state dispute settlement (ISDS) may have to adapt to address disputes over digital assets and data, as well as leverage AI and other digital technologies for efficiency while safeguarding due process. This chapter, along with the broader volume, examines these themes, emphasising balanced frameworks that promote innovation while safeguarding public interests in the evolving digital economy.

The second chapter analyzes the government pension question and the role of adjusting benefits as an important part of the answer. It charts constitutional constraints to public pension reform under state and U.S. Contract Clauses from unprotected gratuities to protected contracts, highlighting the concept of contract as an essential ingredient to constitutional protection. It cautions, however, that the contract element is in flux given the deluge of decisions challenging benefit reductions and emphasizes key challenges to examining contractual obstacles to public pension reform.

Corruption remains a pervasive global challenge, undermining trust, governance, and economic stability. Despite increased regulation, arbitral tribunals have struggled to address corruption effectively, often due to the high evidentiary threshold and associated procedural complexities. Artificial intelligence presents an opportunity to enhance efficiency and accuracy in detecting corruption by analysing evidence supplied by the parties to a dispute or amici curiae for red flags of illicit activities, similarly to other fields like anti-money laundering. The chapter examines the procedural implications of using artificial intelligence in arbitration, including data acquisition, party consent, and the potential impact on due process. It underscores the need for arbitrators to collaborate with parties to design protocols that ensure fairness, transparency, and accountability. By carefully addressing these challenges, artificial intelligence has the potential to become a transformative tool, balancing innovation with procedural integrity.

This article examines sovereign States’ three approaches to data security: data storage, data disclosure, and the ban on data-based applications. It investigates whether these three approaches comply with the principles of international investment law. It also analyses possible defenses for State parties to adopt its approaches by taking examples: the Indian government banning the operation of China-based Applications, and the forced but failed sale of TikTok under governmental pressure from the United States. Importantly, this article reflects whether the international investment legal regime can appropriately address the issue of data security. Reflecting the combined nature of data, it proposes an alternative approach—a holistic approach—to data security.

A timely response to the pressing issue of public pension reform, The Public Pension Crisis explores the complex relationship between contract law and government pensions, specifically focusing on the Contract Clause and related state Pension Clauses. Analyzing over a decade of litigation, the book highlights the evolving role of pension contracts in constitutional law and examines more than 70 landmark cases to establish a clear, principled framework for determining when pension benefits qualify as contractual obligations. T. Leigh Anenson presents a unified theory to consistently treat public and private pensions, balancing the interests of employees’ earned benefits with the financial challenges facing governments. Combining legal scholarship with practical policy insights, Anenson not only provides a much-needed legal perspective on pension reform but also calls for a systematic approach to addressing the retirement security crisis.