International Investment Law regulates the relationship between states and foreign investors. It is essential for driving and attracting Foreign Direct Investments (FDI) that boost the domestic as well as the international markets. These laws are implemented through various treaties that are signed between the states as it directs the provisions. Such provisions like, protecting the rights of foreign investors, host states, dispute resolution, taxation, etc.

Therefore, the global economy runs via these agreements. If no such law would function, no global economy would thrive as it is currently. For security, fair negotiations and uniform earnings, the existence of international investment laws become important. This article highlights the importance of the international investment law. It starts with defining what this law exactly is and then continues with why should we consider it to be the building block of the economy.

Then, the article confers upon the way forward ie how international investment laws can be made more effective so that no investor is agitated to dive into such treaties and with it works for mitigating climate change. Finally, the article provides a conclusion that although the law is regarded as the building block of the economy, it does require some potential work for a sustainable future of an investment regime.

Introduction
Slowly but steadily the global emerging market economies are growing and putting out not one but several questions for the market players. Questions like, Will such market transformation would transform the international investment laws with it? If yes, then to what extent? How do the international relations between the developed and developing countries work?

How will the municipal laws keep up with this commute? What would be the building block of the investments? In 2011, an editorial in the OECD Observer aptly asked: "Before the talk was in dollars. Now leaders speak equally of the Chinese renminbi, Indian rupees and Brazilian reals. Are the last shackles of colonialism finally being broken?

Or is another form of dependence taking over, this time based on commodity hungry emerging markets?"[1]

Therefore, we see how trade and investments are not confined to national boundaries but have spanned across the world. It is such a globalised situation where no nation can flourish without the intervention of another. Well, this flourishment called for the development of International Investment Laws and a regime to direct these investment policies in the right direction.

The global economy thrives with the support of all the markets. Any fluctuation or failure in one national market affects the other international markets as well. Hence, a shock absorber for such kind of huge disturbance is required. International Investment law plays a significant role here. These investments are basically made beyond the domestic markets to expand the investment horizons of the investors.

It expands the returns and portfolios and also minimises risks. The expansion of enterprises and share markets have encouraged Foreign Direct Investment (FDI). The FDIs are increasing and nations are keen to invest in other countries, hence, this calls for regulation of such substantial progress. The International Investment Law regulates the relationship between states and investors by providing certain protection provisions, obligations for the home states, non-favourable provisions, anti-dumping etc. This becomes to ensures security and boosts trade and investments for increasing economic gains for all.

How Do International Investment Laws Boost The Economy?
"The world's first Bilateral Investment Treaty (BIT) was signed on November 25, 1959, between Pakistan and Germany. Since then, the number of such treaties has grown steadily."[2] "The most dramatic increase took place during the 1990s, the decade which marked the opening up of most of the economies by liberalisation and globalisation measures.

By the end of 1999, BITs reached a total of 1,857."[3] Interest in reshaping investment treaties has been growing steadily in the face of challenges from the COVID crisis to achieving Sustainable Development Goals.[4] Hence, this increase in investment treaties shows how advantageous they are for the global economy. Explained briefly:

1. Investments are accompanied by risks but international investments include certain kinds of risks like fluctuations in the currency exchange rate (fixed or floating), devaluation of the currency, political mishaps, civil uprisings, etc. Only a few of these risks are sudden which an investor cannot prevent or safeguard his investments. Hence, this encourages investment beyond the domestic markets which enables the boosting of the global economy.
2. The investment laws of domestic nations supplement international law. The international laws aid in providing a legal benchmark for domestic legislators to draft such laws that safeguard and enable investments globally. Therefore, international laws attempt to uniform it for boosting the economy. For example, 'Natural persons' that are covered by the Energy Charter Treaty are defined by reference to each state's domestic laws determining citizenship or nationality but also extends coverage to permanent residents: 'Investor' means: "a) with respect to a Contracting Party: i) a natural person having the citizenship or nationality of or who is permanently residing in that Contracting Party in accordance with its applicable law".
3. The investments indirectly or directly align with sustainable development goals and investments as now, the treaties made under the international investment laws consider such environment-friendly clauses. It aids in generating capital for constructing technologies that mitigate climate change and foster renewable energy sources. This in return helps the global economy grow with environmental support.
4. The global economy includes all kinds of nations, developed, developing, and non-developing countries. Such investment laws help in the growth of low-income countries as investment treaties are signed with them for trade. This increases their domestic incomes and also helps the global economy to grow by contributing to its resources.
5. Investments are important for an economy to grow. An investment can make or break a person. Therefore, providing a safe space for investors to invest, not only to enrich them but also to boost the economy then it would lead to attracting more investors. The international investment laws provide these safeguards to the investors which in return builds the global economy.
6. Expanding the purpose of International Investment Agreements, greater clarity of key concepts, acknowledging interrelationships with other legal regimes, and recognizing investor responsibilities should all be pursued going forward.

Although Bilateral Investment Treaty (BIT) under international investment law has existed for more than half a century, only recently have they attracted their fair share of scholarly attention.[8] Despite a recent wave of BIT scholarship, these treaties are oversimplified in the extant literature and their motivations remain poorly understood.[9]

For decades, the fostering of economic development has been one of the key justifications for the existence of international investment treaties and their investor-state arbitration mechanism.[10] Yet the actual capacity of the international investment regime to promote development – the very question of whether concrete investment treaty rules and their application are development-friendly – continues to generate divided views.[11]

Way Forward
Now we know why International Investment laws are necessary for boosting the global economy. But the harsh reality is that "while the number of investment treaties is rising steadily, the actual amount of Global FDI flows have seen a fall. The FDI flows decreased by 20% to USD 572 billion by the end of 2019 from 2018.

The decrease is attributed to uncertainties regarding trade tensions and prospects for future economic growth."[12]Therefore, the governments of all countries should be encouraged enough to draft and sign such agreements which shall have twin effects, domestically and internationally. To do this certain particulars are necessary to be followed or framed, like:

1. To ensure that the clauses of the treaties are looking out for sustainable development goals.
2. The clauses are not against the public interest and include certain human rights and freedoms.
3. The treaties support an open market, fewer restrictions, a free and fair market, facilitate investment and primarily help in building and conducting business.
4. It should cater interests of both the host state and the foreign investors. As good investment and trade prospects for both parties are necessary for a healthy business and returns.
5. The provisions of the treaties should be backed by some strong and faster resolution that shall help in security of the all the parties involved. It will also encourage more investments that shall increase the money supply leading to economic growth.

With new challenges and a profoundly different environment for international investment, social demands from treaties addressing international investment have changed.[13]There is a new emphasis on ensuring that treaties generate broad benefits, notably for the middle class and workers, amid concerns that some models have principally benefitted multinational corporations or lawyers.[14] Traditional interests in post-entry investment protection remain on the agenda, but profound reconsideration has begun and is necessary for light of interaction with vital social interests and growing political opposition.[15]

Conclusion
We see that the global economy is thriving on investment laws to trade and invest in different countries. However, in this century these investment treaties so not complete in just providing provisions related to protecting investors or that encourage FDIs. Now, such treaties are more than this. To become a building block of the global economy these laws need to cater for the public interest and include provisions to safeguard essential standards like human rights, labour codes, sustainable development goals, health and welfare, security and safety, etc.

Many countries are falling prey to the atrocities of wrong and difficult investment treaties which should be avoided. The OECD work programme on the Future of Investment Treaties, launched in March 2021, explores how the investment treaties of tomorrow could help address these challenges and how to deal with existing agreements in a pragmatic way.[16]

Hence, although investment laws can be called the building blocks of the global economy and it is the only thing that is driving international investment relations but it is also necessary to add that it needs working and proper enforcement to remove the negative particulars. This would equally boost the economies of the nations and not support any single domestic market. Finally, to match with the present and future investment relations essential negotiation and conferences between diverse governments are required now.

End Notes:

• 'Africa's Emerging Partnerships' (The Organisation for Economic Cooperation and Development, 2011), http://oecdobserver.org/news/fullstory.php/aid/3558/Africa92semerging_partnerships.html accessed on 23 April, 2023.
• Riya Sethi, 'Scope and Evolution of Investment Law' (Latestlaws.com, 23 September 2020) https://www.latestlaws.com/articles/scope-and-evolution-of-international-investment-law accessed on 23 April, 2023.
• 'Bilateral Investment Treaties 1959-1999', (United Nations Conference on Trade and Development) https://unctad.org/en/Docs/poiteiiad2.en.pdf accessed on 23 April 2023.
• 'The Future of Investment Treaties'(The Organisation for Economic Cooperation and Development) https://www.oecd.org/investment/investment-policy/investment treaties accessed on 28 April 2023.
• Catherine Yannaca, 'International Investment Law: Understanding Concepts and Tracking Innovations' (2008) Organisation for Economic Co-operation and Development 7.
• Ibid.
• Karl P. Sauvant, 'The Evolving International Investment Law and Policy Regime: Way Forward' (2016) World Economic Forum & International Centre for Trade and Sustainable Development (ICTSD).
• Todd Allee and Clint Peinhardt, 'Evaluating Three Explanations for the Design of Bilateral Investment Treaties.' (2014) 66 JSTOR 47.
• Ibid.
• Stephan W. Schill, Christian J. Tams and Rainer Hofmann, 'International Investment Law and Development: Bridging the Gap' (2015) UNCTAD 473.
• Ibid.
• 'FDI in Figures'( The Organisation for Economic Co-operation and Development, 2019) accessed on 23 April.
• The Future of Investment (n12).
• Ibid.
• Ibid.
• The Future of Investment (n12).