This volume examines the standards of treatment, demanded from host states, that form the basis of contemporary international investment protection. It analyses the core standards commonly contained in bilateral and multilateral investment treaties, including 'fair and equitable treatment', 'full protection and security', and the non-discrimination standards. The burgeoning case-law before arbitral tribunals has exercised a huge influence on how these standards are interpreted in practice. The essays in this volume, by leading practitioners and scholars in the field of investment arbitration, analyse the case-law and provide a framework for a common consensus to emerge on how the standards should be applied in future.