Public Actors in International Investment Law by Catharine Titi

Voices That Shape Investment Treaties:
Inside, Outside and Among States

Chrysoula Mavromati and Sarah Spottiswood

Abstract Investment arbitration awards often give the impression that investment
treaties are designed to reflect the interests of two actors: “investors” and “states”.
There are in fact a myriad of actors, or “voices”, behind each word in an investment
agreement. This chapter identifies three broad categories of voices: voices inside,
outside and among states. It explores the range of voices that influence investment
treaty text by reference to those three categories. The chapter argues that modern
investment treaties are multifaceted texts that are influenced by a range of voices
from within and outside of government.
1 Introduction
Investment arbitration awards often give the impression that investment treaties are
designed to reflect the interests of two actors: “investors” and “states”. There are in
fact a myriad of actors, or “voices”, behind each word in an investment agreement.
This chapter identifies three broad categories of voices that influence investment
treaty text and explores the range of voices within those categories that lead to the
final treaty text. It argues that modern investment treaties are multifaceted texts that
are influenced by a range of voices from within and outside of states.
To begin with, this chapter identifies three categories of voices as a tool to
categorise the range of voices that feed into investment treaty making. It explores
the rationale for identifying these categories and possible limitations of this
categorisation. Against this background, it analyses the first category of voices that
influence investment treaty text: voices from inside the state. The chapter then goes
on to consider the second category of voices that shape investment treaties: voices
originating outside the state. It then turns to the third category of voices: voices
among states. It also touches on the role of voices as expressed in past treaties. The
chapter concludes with some preliminary remarks on complexities arising from
balancing and prioritising of different voices in the negotiation of an investment
treaty and identifies areas for further research.
2 Three Categories of Voices That Influence Investment
Treaties
Three broad categories of voices that influence investment treaties can be identified:
voices inside, outside and among states. The first category, “voices inside the state”
refers to the various actors within the different branches and levels of a government.
Second, “voices outside the state” includes non-state actors such as businesses, civil
society and academics. Third, “voices among states” refers to multilateral and
bilateral interactions among states and the role of international institutions in

Public Actors in International Investment Law by Catharine Titi