UNCTAD’s Multi-Stakeholder Platform on International Investment Agreement (IIA) Reform held its 3rd session on 30 September 2025, bringing together about 60 participants from governments, international organisations, civil society, academia, and the private sector to review the draft Guiding Principles for IIA Reform. The discussions focused on embedding sustainable development at the core of the global investment treaty framework by providing countries with a structured approach to modernising old IIAs, designing new treaties, and aligning investment rules with contemporary economic, environmental, and social priorities. The draft principles, once refined, will inform deliberations at upcoming high-level IIA reform forums, underscoring growing international momentum toward a more coherent, development-oriented investment governance system.