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"ABSTRACTThe tendency to use the BllateralInvestment Treaty (BITS) by investorsas a legal bas1s to flle an 1nternat1onalarbitration claim against the Host Countryis increasing recently. Denunciations ofthe Internatlonal Center for Settlementof Investment Disputes (ICSID) as Wellas the termination of several BITS bysome other countries reuse complex legalISSUES in the international investmentregime. Since Indonesia has been and stillexperiencing legal suits before the ICSIDinternational arbitrat1on the discourseto take the similar path i.e to denouncefrom ICSID Convention and terminate some of its BITS 1.9 emerging. This paperdiscusses the questions that arise Withrespect to the denunciation of the ICSIDConvention and With the termination ofBITS The denunciation 1s st1ll debatablesince there are different interpretationsas to whether the denouncing stateremains bound by the Conventionand the existence of survival clauseIII BIT creates the possibility for aninvestor to flle a claim before the ICSIDinnternational arbitration even though Ithas terminated the BIT"

"Attempts at developing a theory of international investment law are complicated by the fact that this field of international law is based on numerous, largely bilateral treaties and is implemented by arbitral panels established on a case-by-case basis. This suggests a fragmented and chaotic state of the law, with different levels of protection depending on the sources and targets of foreign investment flows. This book, however, forwards the thesis that international investment law develops, despite its bilateral form, into a multilateral system of law that backs up the functioning of a global market economy based on converging principles of investment protection. In discussing the function of most-favored-nation clauses, the possibilities of treaty-shopping and the impact of investor-State arbitration with its intensive reliance on precedent and other genuinely multilateral approaches to treaty interpretation, it offers a conceptual framework for understanding the nature and functioning of international investment law as a genuinely multilateral system."