The multilateralization of international investment law has witnessed repeated disappointments over the past six decades. Current negotiations regarding the Investment Chapter within the Trans-Pacific Partnership Agreement may bring about a new promise for this process. It is necessary for the TPP negotiating parties to have a proper understanding of this recent history. Circumstances under which the TPP negotiations are conducted are quite different from those of the past. Thus, it can be assumed that TPP negotiations will be concluded successfully and may have profound implications on the multilateralization of international investment law. Since TPP negotiations have multilateral consequences, several new initiatives have been proposed amongst the TPP negotiating parties, which may help alleviate the ‘legitimacy crisis’ of the past two decades. These initiatives include a new principle of Special and Differential treatment, operative provisions on investment promotion, a Side Agreement on code of conduct of transnational corporations, and an appellate mechanism for reviewing arbitral awards.

Trans-Pacific Partnership and the Multilateralization of International Investment Law
  Ⅰ. Introduction
  Ⅱ. Multilateralization of International Investment Law: Some Theoretical Debates
  Ⅲ. What can TPP Negotiators Learn from Prior Attempts to Multilateralize International Investment Law?
  Ⅳ. Potential Implications of TPP Negotiations on the Multilateralization of International Investment Law
  Ⅴ. Conclusion

• Congyan Cai(International Law at Xiamen University, China)