ARBITRATION WORLD World Investment Treaty Arbitration Update By Wojciech Sadowski (Warsaw) In each edition of Arbitration World, members of K&L Gates’ Investment Treaty practice provide updates concerning recent, significant investment treaty arbitration news items. This edition features the completion of the negotiations of the Trans-Pacific Partnership Agreement (“TPP”) which includes the investment chapter, and the announcement of the EU proposal for the investment chapter of the Trans-Atlantic Trade and Investment Partnership Agreement (“TTIP”). TPP The TPP is a comprehensive trade and investment agreement which has been negotiated since 2008, involving four parties to the 2005 Trans-Pacific Strategic Economic Partnership Agreement (Brunei, Chile, New Zealand and Singapore) and eight other countries (Australia, Canada, Japan, Malaysia, Mexico, Peru, United States and Vietnam). The negotiations of the TPP were finally concluded on 5 October 2015 with the text of the TPP treaty being adopted. The TPP is a comprehensive trade and investment agreement. The rules on the protection of investments are laid down in Chapter 9, which is subordinate to other chapters of the treaty in that in the event of any inconsistency between this chapter and another chapter of the TPP, the other chapter shall prevail to the extent of the inconsistency. The structure of the text resembles the modern investment treaty approach which can be seen in, for example, the Comprehensive Economic Trade Agreement between Canada and the European Union. The hallmarks of this new approach include express provisions safeguarding the broad regulatory powers of sovereign 17