The world is girdled by an increasingly dense web of international investment agreements (IIAs) involving more than 170 countries. Despite widespread participation in investment treaties, however, many countries, including developing countries in particular, have steadfastly opposed the development of a multilateral regime for investment. Investment was removed from the Doha Round negotiating agenda in 2004 as part of efforts by members of the WTO to increase the likelihood of a positive outcome for the round.1