A Meaningful Distinction? “Legitimate Objectives” in Canadian Investment Treaties and Their Consideration by Investor-State Dispute Settlement Tribunals

Abstract In its 2021 Model Foreign Investment Promotion and Protection Agreement , Canada has sought to preserve regulatory flexibility by using terms like “legitimate policy objectives,” “legitimate public policy objectives,” and “legitimate public welfare objectives.” How can this threefold distinction of “legitimate objectives” impact the interpretation of international investment obligations? Through an analysis of the content of international investment agreements and awards from tribunals that have expressly referred to these terms, this article argues that various forms of “legitimate objectives” do not encapsulate distinct legally significant terms and could lead to unintended consequences.