The Transformation of International Investment Law and Its Principles

This book explores how international investment law has evolved through the interpretation of key protection standards like Fair and Equitable Treatment and indirect expropriation. It examines how arbitral decisions have shaped, and been shaped by, state treaty-making practices - particularly in recent "new generation" agreements. The analysis reveals a broader trend toward greater clarity, specificity, and balance in the design of investment treaties.

"Günes Ünüvar skillfully combines a voluntarist approach to the making of international investment law, and the practical reality that arbitral tribunals are the main interpreters of the volonté of the States, thereby shaping the field as much as, or perhaps more than, the States themselves. Ünüvar’s analysis of the development and evolution, both in cases and treaties, of the two most-used investment protection norms is a unique and compelling contribution to understanding the law and policy of investment law and arbitration. A must-read." Prof. Eric de Brabandere, Leiden University

"This book is an important contribution to the thinking about the international investment regime. It looks at the regime dynamically, reflecting on how it has developed historically and how the outcome of disputes has shaped the responses of governments in their treaty making. This book will be important reading for everybody thinking critically about the regime, whether in academia or in government. It is all the more relevant for the work of UNCITRAL Working Group III which has to think both about which reforms to develop, but also how to ensure that adjustments can be made in the future." Colin Brown, European Commission

"Günes Ünüvar offers an insightful perspective on the evolving landscape of international investment law. By examining the dynamic relationship between arbitration and treaty-making, this book sheds light on how protection standards like fair and equitable treatment and indirect expropriation are shaped through practice and interpretation. Ünüvar’s analysis is both thoughtful and accessible, shedding light into complex ideas about legal certainty, legitimacy, and normative development." Prof. Ursula Kriebaum, University of Vienna

"An important contribution to international investment law. In The Transformation of International Investment Law and its Principles, Günes Ünüvar does a remarkable job of integrating treaty practice and arbitral case law into a comprehensive and accessible study of investment law’s most important standards." Prof. Catharine Titi, The French National Centre for Scientific Research (CNRS)