INTRODUCTION The time has come to look again at the question of whether bilateral investment treaties (BITS), signed over 2,300 times up to the present day, have influenced customary international law. It is also about time to answer this question in the positive. A change in attitude-on a global scale-towards the protection of foreign investment can clearly be evidenced. A global economic order for foreign investment driven by market forces is evolving. This article, however, does not want to rely only on a "change of attitude" but will also, by a careful analysis of the two "traditional" elements of custom-consllewdo and opirrio inris-demonstrate that legal "hard facts" show that there is a strong case for an effect of Brrs on customary international law. Often, the arguments which have been put forward in favour of or against the influence of BITS on custom are blurred by the fact that no considerable attempts are made to reveal the test from which the various authors proceed to evaluate the impact ofBITS on customary international law. Therefore, Section I of this article will elaborate what is required to consider treaty provisions contained in a bilateral treaty as giving evidence of or creating
Journal of World Investment and Trade – Brill
Published: Jan 1, 1
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