联合国贸易发展委员会：2025年投资法下的投资者与国家仲裁：风险和政策教训报告（英文版）

Arbitral decisions under national investment laws remain far less studied than the extensive jurisprudence on treaty-based investor–State dispute settlement (ISDS) cases. This knowledge gap limits policymakers’ ability to anticipate how arbitral tribunals may interpret domestic provisions, articulate clearly the State’s intent, and avoid unintended consequences. It also creates risks where investment laws interact with overlapping or conflicting obligations in bilateral investment treaties (B