Empirical research on the impact of investment treaties has focused almost exclusively on their effect on foreign investment, with mixed results. Yet, another important promise of the treaties has been ignored altogether. Architects of the investment treaty regime, as well as many current...

India's new model BIT reflects a shift toward governing the conduct of foreign investors, and away from mere protection. The author considers how changes in the 2015 Model serve to reinforce the role of the state, and notes key challenges that may arise in practice.