Philip Morris International sent a letter to the government of Togo. It outlined how plain packaging would violate binding global and regional agreements. Togo was in no position to anger its international partners, it suggested.
Despite debates about crisis in investment treaty arbitration, most emerging market economies are concluding BITs that provide for ISDS and emerging market multinational companies appear to welcome ISDS.
India has a faced a number of claims from foreign investors over the years under the BIT regime. It is presently engaged in over 20 investor-State disputes, with a number of them revolving around retrospective tax claims.