But these days signing such agreements is risky for countries. ISDS lawsuits used to be rare, but they’re becoming a growth industry. Nearly 100 have been filed in the past 2 years, as against some 500 in the 25 years before that. Investor protection, previously a sideshow in corporate law, is now a regular part of law-school curricula. “We’ve also seen an expansion in the types of claims that have been brought”. ISDS was originally meant to protect investors against seizure of their assets by foreign governments. Now ISDS lawsuits go after things like cancelled licenses, unapproved permits, and unwelcome regulations.

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