I am going to address very briefly the basic principles of investment treaties. You have already heard from Matt and Michael about some of these issues; I will touch again on some of those issues.
To start with, the first question is what is a BIT, i.e. a bilateral investment treaty? As the slide says, they are in essence short treaties, usually of no more than ten pages long between two states. They provide essentially for the mutual protection and promotion of investment in respect of investment made into one state by investors of the other signatory state or states. Globally, over 2,400 BITs have been signed. Not all of these are in force. Before a BIT comes into force, it has to be ratified by the national congress of parliament of the state in question; I will come on to that again in a bit more detail later.
Investment treaties can of course be both bilateral and multilateral; the better-known examples of multilateral treaties are the Energy Charter Treaty; the North American Free Trade Agreement (NAFTA); and the Central American Free Trade Agreement. It is probably fair to say that most BITs are between developed countries and developing countries, the theme being, as Michael said, to promote a partnership between industrialised countries and developing states. But there are also BITs that have been signed between two developing states.