Purpose

Over the past two decades, the application of most-favoured-nation (MFN) clauses in international investment agreements (IIAs) to dispute settlement matters has generated controversy. The purpose of this paper is to help resolve some of the controversies by examining the rule of law issues that may arise from such application of MFN.

Design/methodology/approach

The study describes controversies regarding the application of MFN to dispute settlement as per the extant literature on the subject. It explores the elements of rule of law in investor-state arbitration. The paper then analyses the implications of applying MFN to dispute settlement matters for the elements of rule of law. Based on such analysis, the study argues that the application of MFN to dispute settlement matters undermines certain elements of rule of law.

Findings

The paper has outlined the relevant elements of rule of law in investor-state arbitration as access to dispute settlement; judicial (or tribunal) independence, fairness and impartiality; consistency and predictability of law and decisions; transparency; accountability and subjection of dispute forums and systems to law. It found that the application of MFN undermines various components of rule of law, in particular of consistency and predictability and the requirement of tribunals to adjudicate within the limits of the law.

Originality/value

The findings of this study will help future investor-state arbitral tribunals to decide on the application of MFN to dispute settlement matters.

中文翻译：

---

最惠国待遇在投资争端解决中的应用：法治问题

目的

在过去的二十年中，国际投资协定（IIA）中最惠国（MFN）条款在争端解决问题上的应用引起了争议。本文的目的是通过研究最惠国待遇的适用可能引起的法治问题，从而帮助解决一些争议。

设计/方法/方法

根据有关该主题的现有文献，该研究描述了有关最惠国待遇在争端解决中的应用的争议。它探讨了投资者国家仲裁中的法治要素。然后，论文分析了将最惠国待遇适用于争端解决事项对法治要素的影响。基于这种分析，该研究认为，最惠国待遇在争端解决事项中的应用会破坏法治的某些要素。

发现

本文概述了投资者与国家间仲裁中法治的相关要素，作为解决争端的途径。司法（或法庭）独立，公正和公正；法律和决定的一致性和可预测性；透明度; 问责制以及使争议论坛和系统服从法律。它发现，最惠国待遇的适用损害了法治的各个组成部分，特别是一致性和可预测性以及法庭在法律范围内进行裁决的要求。

创意/价值

这项研究的结果将有助于未来的投资者－国家仲裁法庭决定最惠国待遇在争端解决事务中的应用。