This paper explores the forces that have to date impeded the development of a multilateral set of rules on investment. The paper chronicles the policy- and rule-making debates that took place in the World Trade Organization’s (WTO’s) Working Group on Trade and Investment (WGTI) and advances a number of political economy reasons that contributed to the derailment of investment discussions under the Doha Development Agenda (DDA). The paper highlights elements of a development-friendly international investment regime and identifies various scenarios for imparting forward movement to international negotiations on investment issues at the bilateral, regional and multilateral levels.