Investment arbitration without BIT: toward a foreign investment customary based arbitration?
Arbitration without privity is traditionally viewed as based on bilateral investment treaties (BITs), or less often on multilateral treaties or national laws. But the mechanism is becoming so common that there is room for assessing whether arbitration offers by host states toward foreign investors have become an international customary rule. The aim of this paper is to assess the eventuality of such a radical view of the arbitration offer.