The first era — from 1945 to 1989 — was marked by differences of opinion among countries on the degree of protection that international law should afford to foreign investors. While most industrialized countries have argued that foreign investors should be entitled to a minimum standard of treatment in each host economy, developing and socialist countries have tended to assert that foreign investors do not need to be treated differently from domestic companies. In 1959, the first NTBs were completed and, over the next decade, many of the contents that form the basis of the majority of the ILO currently in force were developed and refined. In 1965, the Convention on the Settlement of Investment Disputes between States and Nationals of Other States was opened for signature by countries. .
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