Most Favoured Nations Clauses in BITs – What is Their Real Purpose (and Their Real Effect)? – 3rd Annual EFILA Lecture - European Investment Law and Arbitration Review View Most Favoured Nations Clauses in BITs – What is Their Real Purpose (and Their Real Effect)? – 3rd Annual EFILA Lecture by - European Investment Law and Arbitration Review Most Favoured Nations Clauses in BITs – What is Their Real Purpose (and Their Real Effect)? – 3rd Annual EFILA Lecture 3 1

The author examines the origins of the MFN and its real purpose and real effect in investment treaty arbitration. It is argued that the MFN clause is first and foremost a guarantee to the investor of non-discrimination. He emphasizes the need to interpret a specific MFN clause in the specific context of the bits involved. He calls for a nuanced approach on the application of the MFN clause, rather than the broad generalizations, which in recent years have tended to dominate this area of debate.

European Investment Law and Arbitration Review