Bilateral investment treaties (including UK Investment Promotion and Protection Agreements or 'IPPA's1) commonly provide that investors and investments must be accorded treatment no less favourable than that which is accorded to investors or investments of any third state2. The precise wording of such provisions varies and may be critical to the scope and extent of the most favoured nation ('MFN') treatment3. It is generally considered that as one aspect of MFN treatment an investor will be entitled to benefit from any more favourable substantive protections offered by the host state to investors of other nationalities in other bilateral investment
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