Traditional multilateralism in the shadow of bilateralism: UN emanations in the international investment agreement regime

Multilateralism is widely contested, with formal intergovernmental organisations (FIGOs) perceived as gridlocked and in decline. This has led to the proliferation of informal intergovernmental organisations (IIGOs) and the fragmentation of global governance. However, existing classifications of FIGOs and IIGOs struggle to account for emanations–second-order international organisations (IOs) created by first-order IOs. This study examines the role of United Nations (UN) emanations in shaping multilateralism, arguing that they can blend formal and informal characteristics, thereby challenging the rigid FIGO–IIGO distinction. Focusing on the UN Conference on Trade and Development (UNCTAD) and the UN Commission on International Trade Law (UNCITRAL) within the International Investment Agreements (IIA) regime, we demonstrate how these bodies influence multilateralism despite their limited rule-making powers. UNCTAD leverages epistemic authority and inter-organisational collaboration to shape IIA policies, often aligning with Global South priorities. In contrast, UNCITRAL serves as a negotiation hub, enabling the Global North to exert greater influence over investment law. These differences stem from their institutional origins and secretarial capacities. Our findings highlight how emanations advance multilateral cooperation, given their distinct institutional design and member states’ preferences. This study contributes to broader debates on IO authority, formality, and the role of the Global South in global governance.