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Interpretation of the most-favored nation clause in investment treaty arbitration has been sparking debates for the better part of two decades. The paper examines the issue from the perspective of two opposing ends-a broad stance of the seminal decision in Maffezini Case and a recent more restrictive approach undertaken by the arbitral tribunal in Içkale decision, in order to paint in broad strokes the outlines of a balancing act mechanism in interpretation that author puts forward.

Investment arbitration and the MFN conundrum: The long and winding road from Maffezini to Içkale