International Investment Law and Plurilateralism – Concept, Prospects and Limitations

Abstract The article discusses the phenomenon of plurilateralism in the area of international investment law and serves as an introduction to the Special Issue on this topic. It examines the concept of plurilateralism, as well as its regulatory potential and limitations in the field of investment relations. It observes that the doctrine of international economic law has largely focused on plurilateral agreements in trade law, concluded under the auspices of the multilateral forum. The article offers a fresh perspective on the subject, as it argues for revisiting the concept of plurilaterals. It proposes a broad definition of plurilateral agreements, embedded in general public international law and informed by developmental economics. Such conceptualization, not limited to agreements developed within the multilateral framework, is consistent with the treaty-making practice, as it allows for capturing the increasingly popular, inter-regional forms of plurilateralism. It further serves as a basis for the analysis of prospects for plurilateral arrangements in the area of investment law, with a focus on initiatives relevant to the green transition: the Energy Charter Treaty, as well as the United Nations Commission on International Trade Law Working Group III reforms.