In the end, states have the power to decide collectively what reforms to pursue, in what order and in what form. Individually, they will also have choice about which particular reform options to adopt.
The signing of an investment treaty involves a unilateral loss of sovereignty on the part of the host state, which is ultimately deemed necessary to attract foreign capital.
The traditional mechanism of investment arbitration between the investor and the host State has been under attack for some time now from a range of actors and for a variety of reasons.