Dear Colleagues,
It is my pleasure to share with you the most recent UNCTAD IIA Issues Note
, which reviews developments in international investment policymaking.

Investment treaty making has reached a turning point. The number of new 
international investment agreements (IIAs) concluded in 2017 was the 
lowest since 1983. Moreover, for the first time, the number of effective 
treaty terminations outpaced the number of new IIAs. 
IIA reform is well under way across all regions. Since 2012, over 150 
countries have taken steps to formulate a new generation of sustainable 
development-oriented IIAs. They have reviewed their treaty networks and 
revised their treaty models in line with UNCTAD’s Reform Package for the 
International Investment Regime. 
Countries are also beginning to modernize the existing stock of 
old-generation treaties. An increasing number are issuing interpretations, 
replacing and consolidating their older agreements. Many have also been 
engaging in multilateral reform discussions, including with regard to 
After improving the approach to new treaties and modernizing existing 
treaties, the last step in the reform process (Phase 3) is to ensure 
coherence with national investment policies and with other bodies of 
international law.

UNCTAD’s World Investment Report 2018, to be launched on 6 June 2018, and 
UNCTAD’s next High-level IIA Conference, part of the 22-26 October 2018 
World Investment Forum (WIF) will both be milestones for Phase 3 of IIA 
Best regards,

James X. Zhan
Director, Investment and Enterprise
Lead, World Investment Report
United Nations Conference on Trade & Development
Palais des Nations, Geneva

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