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This paper is part of IISD's series entitled "The Best Practice Advisory Bulletin" which aims at making publicly available "best practice" analyses based on actual treaty texts, in order to provide developing and developed country negotiators with state-of-the-art options and approaches to address the new issues and controversies in investment negotiations.

This bulletin on the Definition of Investment examines the main options for defining investment in international investment agreements (IIAs), and their legal implications in view of evolving case law. It also discusses the best practices in recent treaties that allow host states to preserve development policy space in the definition of investment.