State succession — Treaties — Joint Declaration of Government of the People’s Republic of China and Government of the Portuguese Republic on question of Macau, 1987 — People’s Republic of China (“PRC”) assuming sovereignty over Macau from 20 December 1999 — Application of PRC’s treaties to Macau after assumption of sovereignty — Rights of third parties

Treaties — Interpretation — Application — Agreement between Government of the People’s Republic of China and Government of the Lao People’s Democratic Republic concerning the encouragement and reciprocal protection of investments, 1993 (“the PRC–Laos BIT”) — Whether PRC–Laos BIT applying to Macau — “Moving treaty frontier” rule — Vienna Convention on the Succession of States in respect of Treaties, 1978, Article 15 — Vienna Convention on the Law of Treaties, 1969, Article 29 — Exceptions — Whether a different intention appearing from treaty — Whether otherwise established that treaty was not meant to apply to Macau — Applicable standard of proof to be met under international law — Applicability of critical date doctrine to court’s assessment of evidence

Arbitration — Jurisdiction — Whether arbitral tribunal possessing jurisdiction to hear claims — Whether protection of PRC–Laos BIT extending to Macanese investors — Whether subject matter of claim falling within scope of dispute resolution clause in Article 8(3) of PRC–Laos BIT — Jurisdiction — Whether interpretation and application of PRC–Laos BIT justiciable before Singaporean courts — Jurisdiction — Standard of review — Whether Singaporean courts obliged to accord special deference to tribunal’s findings

Economics, trade and finance — Bilateral investment treaties — PRC–Laos BIT — People’s Republic of China assuming sovereignty over Macau from 20 December 1999 — Whether PRC–Laos BIT applying to Macau — Whether protection of PRC–Laos BIT extending to Macanese investors — Whether interpretation and application of PRC–Laos BIT justiciable before Singaporean courts — The law of Singapore