Foreign direct investment refers to an investment made in a foreign jurisdiction to achieve a long term economic benefit. Almost 3000 treaties worldwide regulate foreign direct investment, and it is the interpretation of these treaties by arbitral tribunals, together with customary international law, which forms the basis of international investment law. This module examines the nature of international investment law and investor-State dispute resolution procedures, and looks at recent developments in the area. The module considers the policies underlying international investment law and how these impact upon the operation of international investment law in practice.