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7 Scope of Application of Investment Treaties

This chapter focuses on the scope of application of investment treaties. Any international regime must have rules to determine which persons and actions are governed by the regime. Therefore, the key questions that must always be answered in the application of an investment treaty are whether the alleged investment meets the definition of ‘investment’ under the treaty and whether the legal or physical person owning the investment meets the legal definition of ‘investor’. The chapter examines these two questions. At the outset, however, it should be stressed that while investment treaties exhibit strong similarities in definitions and definitional approaches, significant textual differences can also be found since contracting states always have control in defining the scope of the treaty. Consequently, persons interpreting investment treaties to determine the extent of their coverage must focus carefully on the language of the definitional sections of the specific treaty in question.