The legal foundation of international investment regulation (IIR) is vast, complex and varied, across numerous substantive and procedural rules. It is laid down in close to 3,000 different international investment agreements. This network of investment treaties is complemented by two key arbitration treaties: the 1958 New York Convention for the enforcement of arbitral award, and the 1965 ICSID Convention, which provides a forum and procedural rules for investment treaty arbitration. This complex landscape thus legitimately begs the question: how have we come to this network of legal instruments, and what do they entail?

Building upon issues identified in the preceding chapter, Chapter 2 delves into tensions stemming from divergent political ideologies, economic objectives and legal methods that come into play in the interpretation and implementation of international investment agreements. Tensions between different actors and their perspectives on these issues are also considered. The aim is to provide reflection on different issues that occupy the current debate on international investment regulation and challenges encountered when addressing them.