In recent decades, States have concluded numerous regional investment agreements, although the rapid growth of bilateral investment agreements continues rapidly around the world. This rise of regionalism in international investment law is a double-edged sword. On the one hand, the risks of fragmentation and inconsistency increase exponentially when a regional layer enters the already chaotic “spaghetti bowl” of investment contracts. The noble dream of a unilateralized set of investment protection standards therefore appears increasingly unattainable. On the other hand, a regional investment agreement offers a group of States the opportunity to balance investment-related obligations against other non-investment priorities in a particularistic manner.