This IIA Issues Note presents and analyses the latest trends and evolution of international investment treaty reform, drawing on new data from its online IIA Content Mapping database and its new IIA Facilitation Mapping database. The findings point to an investment regime in flux and marked by significant substantive changes.
Two phases of reform
Analyzing international investment agreements (IIAs) concluded between 2010 and 2024, the report identifies two main phases of reform.
- An initial phase focused on recalibrating traditional investor protection standards and dispute settlement mechanisms,
- Second phase – since around 2015 – characterized by the growing inclusion of investment cooperation and facilitation provisions.
Key features of new-generation IIAs
New-generation IIAs increasingly emphasize cooperation and facilitation, continue to refine protection standards and show a gradual expansion of liberalization commitments, though these require carefully designed policy flexibilities.
Investor–State arbitration appears less frequently, while sustainable development provisions are becoming more prominent, though not yet fully mainstreamed.
Older, unreformed treaties still dominate
Despite these advances, a large stock of older, unreformed treaties continues to dominate the regime and constrain regulatory space.
The report underscores the need for large-scale reform – covering both new and old agreements and better synchronizing efforts across national, bilateral, regional and multilateral levels.
In response to stakeholder calls, UN Trade and Development (UNCTAD) is developing Guiding Principles on IIA Reform to place sustainable development at the core of the regime.
The principles build on its leading convening and policy role for IIA reform over the past decade and are expected to be launched at the High-level IIA Conference at the World Investment Forum 2026.