This book offers a systematic study of the interpretation of investment-related treaties – primarily bilateral investment treaties, the Energy Charter Treaty, Chapter XI NAFTA as well as relevant parts of Free Trade Agreements. The importance of interpretation in international law cannot be overstated and, indeed, most treaty claims adjudicated before investment arbitral tribunals have raised and continue to raise crucial and often complex issues of interpretation. The interpretation of investment treaties is governed by the Vienna Convention on the Law of Treaties (VCLT). The disputes relating to these treaties, however, are rather peculiar as they place multinational companies (or natural person) in opposition to sovereign governments.

Fundamental questions dealt with in the study include: Are investment treaties a special category of treaty for the purpose of interpretation? How have the rules on interpretation contained in the VCLT been applied in investment disputes? What are the main problems encountered in investment-related disputes? To what extent are the VCLT rules suited to the interpretation of investment treaties? Have tribunals developed new techniques concerning treaty interpretation? Are these techniques consistent with the VCLT? How can problems relating to interpretation be solved or minimised? How creative have arbitral tribunals been in interpreting investment treaties? Are States capable of keeping effective control over interpretation?

1. Introduction
2. Overview of International Investment Treaties
3. Main Features of International Investment Treaties
4. Ordinary Meaning of the Terms of the Treaty
5. Context
6. Object(s) and Purpose(s)
7. Subsequent Agreements and Subsequent Practice
8. Other Rules of International Law
9. Special Meaning
10. Supplementary Means
11. Plurilingual Treaties
12. Interpretative Value of Arbitral Decisions
13. Interpretative Value of Scholarly Writings
14. The Role of States in the Interpretation of Investment Treaties
15. Conclusions

“... this book provides a well-researched and accomplished guide to the rules of interpretation under the Vienna Convention. It draws on a wealth of case examples from publicly-available investment treaty awards that will assist practitioners, academics and students in this field of law.” –  Kanaga Dharmananda SC and Baxter Roberts, Australian Law Journal

“This excellent book is one of a small number which examine interpretation of treaties through study of the decisions and awards of tribunals working in single specialist areas of law...The consideration offered in the book of how investment treaties are, and are to be, interpreted is most valuable both for analysis of investment arbitrations and as to how some of the principles of treaty interpretation are applied in practice.” –  Richard Gardiner, Faculty of Laws, University College London, The Journal of World Investment & Trade