Under bilateral investment treaties (BITs) and other investment protection treaties such as multilateral investment treaties (MITs), host states typically promise to provide certain baseline levels of reciprocol protection and treatment of investors. These baseline levels of protections can range from a promise not to discriminate against foreign investors in favour of local investors, through to a promise not to nationalise or expropriate an investment without payment of adequate compensation. This Practice Note provides an overview of the types of protection which are typically available under BITs and MITs, including: • fair and equitable treatment (FET) of investors (sometimes referred to as the FET standard) • full protection and security of investments • ‘national treatment’ of investors • ‘most favoured nation’ (MFN) treatment of investors, and • protection from expropriation without adequate compensation UNCTAD, the United Nations Conference on Trade and Development, maintains a useful, searchable database of BITs for each of the world’s countries. Fair and equitable treatment (FET) This standard of treatment, sometimes