Investor Presentaiton

128 INVESTOR-STATE DISPUTE SETTLEMENT: A SEQUEL this Treaty and applicable rules and principles of international law". The NAFTA States took the same approach in Article 1131 by referring to the NAFTA itself and applicable rules of international law. 143 Both the ECT and NAFTA Chapter 11 limit claims made by investors to allegations of violations of substantive protections found in the treaty. The applicable law provisions in each emphasize that the tribunal is limited to deciding those matters. (ii) The treaty, applicable international law and domestic laws of the host State This type of provision makes explicit reference to host State law. For example, Article 13(5) of the Azerbaijan-Croatia BIT (2007) provides: "Dispute[s] shall be resolved in accordance with law, applying the terms of this Agreement, national legislation of the Contracting Party to the dispute, and principles of public international law." (Emphasis added). Another example is Article 11(5) of the Nigeria-Turkey BIT (2011): "The arbitration tribunal shall take its decisions in accordance with the provisions of this Agreement, the laws and regulations of the Contracting Party involved in the dispute on which territory the investment is made (including its rules on the conflict of laws) and the relevant principles of international law as accepted by both Contracting Parties." (Emphasis added). 143 This formulation begs the question of what rules are "applicable". This is left to be determined by an arbitral tribunal adjudicating a specific dispute. UNCTAD Series on International Investment Agreements II

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