“The Extent of Review of the Applicable Law in Investment Treaty Arbitration”, in IAI Series on International Arbitration No. 1, Annulment of ICSID Awards 223 (2004).

The considerable increase in the number of arbitral proceedings initiated on the basis of investment treaties is one of the most striking features of ICSID arbitration today. In 1993, a single new case was registered by the Centre on the basis of a bilateral investment treaty (“BIT”). In 1997, out of 10 new cases, five were based on BITs, and five on an arbitration agreement contained in a contract. In 2002, 16 out of 19 new cases were based on a BIT. In 2003, interestingly, all of the 30 new cases were based on BITs.

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