With more than 3000 international investment agreements (IIAs) worldwide, states negotiate similar agreements multiple times with numerous partners. Accordingly, many states have developed template agreements known as ‘Model bilateral investment treaties (BITs)’. Nevertheless, concluded IIAs commonly deviate from the corresponding Model BITs, albeit to varying degrees. Investigating this variation, we examine the impact of Model Countries and their Partner Countries’ investor–state dispute settlement (ISDS) experience. Specifically, we argue that the Model Country adopts changes sought by the Partner Country during the negotiation process in order to accommodate the latter’s preferences, which were shaped by lessons learned from ISDS cases. Empirically, we introduce novel measures of divergence between Model BITs and IIAs, based on the concept and scheme of state regulatory space, with respect to several key aspects of investment rules. Coding a large number of Model BITs and IIAs on these variables and controlling for a host of alternative explanations, we find that the higher number of investment claims filed against the Partner Country, but not the Model Country, is associated with greater divergence between the Model Country’s Model BITs and its IIAs. This effect is especially noticeable with respect to important substantive investment rules.

中文翻译：

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去年的模型？投资仲裁、谈判以及双边投资协定范本与国际投资协定之间的差距

全球有 3000 多项国际投资协定 (IIA)，各国与众多合作伙伴多次谈判类似的协定。因此，许多国家制定了模板协议，称为“示范双边投资条约 (BIT)”。尽管如此，已达成的国际投资协定通常与相应的双边投资协定范本有所不同，尽管程度不同。为了调查这种变化，我们研究了示范国家及其合作伙伴国家的投资者与国家争端解决 (ISDS) 经验的影响。具体而言，我们认为，示范国家在谈判过程中采纳了伙伴国家寻求的改变，以适应后者的偏好，这些偏好是从 ISDS 案例中吸取的教训形成的。根据经验，我们引入了新的 BITs 模型和 IIAs 模型之间的分歧措施，基于国家监管空间的概念和方案，针对投资规则的几个关键方面。根据这些变量对大量 BIT 和 IIA 模型进行编码并控制大量替代解释，我们发现针对合作伙伴国家而非模型国家提出的更多投资索赔与模型之间的更大差异相关国家的双边投资协定范本及其国际投资协定。这种影响在重要的实质性投资规则方面尤为明显。与示范国家的示范 BITs 和 IIAs 之间的更大分歧有关。这种影响在重要的实质性投资规则方面尤为明显。与示范国家的示范 BITs 和 IIAs 之间的更大分歧有关。这种影响在重要的实质性投资规则方面尤为明显。