The unanimous decision against India at the Permanent Court of Arbitration in Vodafone and Cairn Energy cases highlights the significance of the Fair and Equitable Treatment (FET) clause in bilateral investment treaties (BIT). In both these cases, countries guaranteed each other fair and equitable treatment, and arbitration in case of disputes. GoI, as part of the aftermath of Vodafone and Cairn Energy, changed its policy to exclude tax from

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