This paper discusses the role of institutions (particularly regulatory institutions in the context of the Argentine decisions) in understanding essence of investor-state relations, and explores the potential contribution of the NIE framework in the interpretation of IIAs. It discusses that international investment law has not reached the desired level of consistency in the interpretation of the standards of protection. It argues that arbitral tribunals are not consistent in considering institutions, and economic and political organisations surrounding the investment environment in a country when they interpret treaty standards.
