Treaties — Interpretation — Principles of interpretation — Vienna Convention on the Law of Treaties, 1969, Article 31(1)

Arbitration — Jurisdiction of ICSID Tribunal — Application of most-favored-nation (“MFN”) clause in BIT — Whether MFN clause requiring Claimant to choose between one treaty and another

Arbitration — ICSID Convention, Article 25 — Dispute arising “directly out of an investment” — Whether investment made directly or indirectly

Treaties — Standing — Whether Claimant having standing — Indirect investment — Whether definition of investment excluding indirect investments

Arbitration — Notification of dispute — Definition of dispute — Hypothetical dispute — Historical dispute — Time at which a dispute must exist

Jurisdiction — Arbitration — ICSID Convention, Article 26 — Dispute under a treaty — Dispute under a contract — Jurisdiction clause in contract — Exclusivity of remedies