Interpretation of the "Most Favoured Nation" Clause in Modern International Arbitration Practice

This article examines the interpretation of the Most Favoured Nation (MFN) clause in modern international investment arbitration. The study analyses the legal nature of the MFN clause, its role within the investment treaty framework, and the leading practice of ICSID and other international arbitral bodies regarding its application. The author explores issues related to the invocation of the MFN clause with respect to both procedural and substantive norms, identifies conflicting approaches in arbitral jurisprudence, and pays particular attention to the national legislation of the Republic of Uzbekistan in the field of foreign investments, the bilateral investment treaty (BIT) network, and their conformity with international standards. On this basis, concrete proposals and recommendations are advanced.

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