Abstract
Several years have passed since the peak of backlash against the investor-state dispute settlement system. States have reacted by making changes to their investment policies.
The basic way to update their investment policy is to modernise their model bilateral investment treaties (BITs). The updated model BITs would usually replace 'old' traditional provisions (unqualified FET clause, broadly worded substantive standards, provisions lacking sustainable development goals) in favour of 'new' modern provisions (qualified FET, narrowly worded substantive standards, sustainable development goals).
The Czech Model BIT went a different way and modernised only some of the provisions while it kept some of the key traditional provisions in place. This unique approach can be partly explained by the country's experience with investment treaty arbitration, by its changing position from solely capital importing country to capital exporting country as well as the country's aim to find balance between the EU trends and its own interests in the fast-evolving universe of investment treaty-making.