Title: Fair and Equitable Treatment and the Rule of Law

Abstract: Fair and Equitable treatment (FET) standard is the Grundnorm of international investment protection, and the one that has been often touted as the embodiment of the globally accepted ideal of the rule of law. But there are considerable legal and practical challenges that surround the rule of law – FET link, as appealing as it sounds. My upcoming book that I present addresses two key questions: firstly, on what legal basis may the FET standard’s content be unified as elaborating the rule of law? Secondly, as the jurisprudence-distilled rule of law requirements remain open-textured, and allow for considerable discretion, how can the legitimacy of decision-making under the FET standard be preserved and enhanced, so that its requirements do not become so malleable as to be open to the manipulation of the implementing arbitrator? The book argues that FET standard jurisprudence can be both legally justified and applied in a way that tangibly benefits host States and the legitimacy of the international investment regime. In its autonomous form, it is a treaty provision whose preponderant normative content is provided by the overarching general principle of the rule of law and its sub-principles; the FET’s further interpretation and application should be conducted in a form of a sequential review, that combines the assessment of the host State legal framework with a residual discretion based on equitable considerations.