This paper delves into the complexities of international investment law, focusing on the interplay of convergence and divergence within Bilateral InvestmentTreaties (BITs) and their collective impact on global investment regulation. It examines the paradox of near-uniform BIT provisions forming a de facto multilateral framework despite states’ continued reluctance toward a comprehensive multilateral agreement. Highlighting the power imbalances between developed and developing nations, the paper explores challenges in reconciling investor rights with public interest, emphasizing the potential of a balanced approach over a binding global treaty. Additionally, it discusses the prospects of a Multilateral Investment Court (MIC) as a solution to enhance legal consistency and uniformity across international investment disputes. Through analysis of past multilateral attempts and the evolving role of MICs, the paper proposes a path forward to address fragmentation and establish a coherent framework in international investment law.