This article intends to consider what the new generation of FITs might signify for our understanding of public law. Rather than modelling international public law or questioning its legitimacy derived from national public law (or one independently generated), I want to focus on a ‘public law’ thread running through all of this. The analysis here traces the transliteration of investment protection arbitration from public international law to international public law. It begins first by briefly outlining the established position of foreign direct investment protection in public international law. It then reviews the public law character claimed for investor-state arbitration, a claim which is criticised. And finally the analysis considers how those public law elements can feed ‘international public law’. This points to forms of transnational legal pluralism and I consider at the end what the implications may be for a conception of state and law.

中文翻译：

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新一代自贸协定的公法观

本文旨在考虑新一代 FIT 对我们理解公法可能意味着什么。与其模拟国际公法或质疑其源自国家公法（或独立生成的）的合法性，我更想关注贯穿所有这些的“公法”主线。这里的分析追溯了投资保护仲裁从国际公法到国际公法的音译。它首先简要概述了外国直接投资保护在国际公法中的既定地位。然后，它审查了投资者与国家仲裁所主张的公法性质，这一主张受到了批评。最后，分析考虑了这些公法元素如何为“国际公法”提供支持。