Deepening of globalization has led to the proliferation of international investment law. Bilateral investment treaties (BITs) and investment chapters in free trade agreements (FTAs) have been the most visible face of the spread of international investment law. Nonetheless, over the last few years, one has witnessed a backlash against globalization. Thus, many countries are adopting protectionist measures and turning inward. Additionally, there is an ongoing geoeconomic rivalry between the United States and China. This competition presents a major obstacle to globalization, which has encountered resistance over the last ten years due to multiple factors, including the narrowing of policy choices accessible to nations. The growing protectionism and rising geoeconomic challenges also pose a massive threat to the Bretton Woods rule-based global economic order, which has endured for almost eight decades. This backlash has extended to the international investment law regime, which is changing its nature. Some countries have withdrawn from the international investment law regime by terminating their BITs. While some are endeavouring to change the terms of their engagement with foreign capital and thus re-drawing their BITs. This change, as the chapter argues, has initiated a process of re-legalization whereby the international investment law regime is poised for a new character and form.