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The issues discussed in the following article focus on legalregula- tionsregarding bilateral interstatetreaties for thepromotion andprotection of foreigninvestments(inthedoctrineandthepracticeofinternationalinvestment law commonly referred to as 'BITs', hereinafter referred toas 'BITs') that are made by nationals of one state in another state. Subject to this matter, con- tracting states agree to protect investors from the state party in the territory of their country and to arbitrate international investmentdisputes that might arise. Taking this into account theauthors of this article would like to takeup issues concerning bilateral investment treaties in the context of their interpre- tation. Both general problems regarding interpretation ofbilateral investment treaties and specific rules of investment clauses' interpretation are taken into consideration.Simultaneously,inthelastpartofthispaper,theauthorsbriefly indicaterulesfortheinterpretationmadebytheInternationalCentreforSettle- mentofInvestmentDisputes(hereinafterreferredtoas'ICSID'),aninstitution engagedinthesettlementof investmentdisputes,mainly basedonbilateral in- vestmenttreaties. Thespecificity of thesubjectmatter requirestheirthorough and accurate interpretation. Scientifically, it is important whether in relations betweenstates situatedon differentstages of economic development,theinter- pretation confirms their inequality or rather this interpretation tries to restore suchequality.Inaddition,theimpactofregional legal regimes, bindingfor one contractingparty,ontheinterpretationofBITs,appearstobemeaningful.Due tothelimitedscopeofthisstudy,itisdifficulttoprovideclearanswerstothese questions, however - given the on-going development of international cooper- ation and its interdependence - attempts to systematize the mere matter of bilateral treaties' interpretation, inthe authors' opinion are worth studying.

Interpretation of Bilateral Treaties for the Promotion and Protection of Foreign Investments