818 International Organization 20 15- Dyads signing BITs 10- All dyads at risk 。● 1960 1970 1980 1990 2000 Year Note:Universe consists of states with more than 1 million inhabitants between 1960 and 1999. Data points shown are for dyads signing BITs. FIGURE 3.Mean difference in democracy between dyad members BIT partners in the year of their signing against that of all other dyads at risk of signing.Over time,new BIT partners have become more similar,evidence that the institution is spreading to a population of dyads of similar political and eco- nomic structure and,presumably,with less reason to sign such agreements. By the late 1990s,there emerged a few twists to the basic theme of wealthy countries picking off potentially lucrative but risky venues one at a time.From about 1999,developing countries began a rather more proactive effort to create bilateral investment treaties among themselves.These activities have been coordi- nated through the UN Conference on Trade and Development (UNCTAD),and sometimes with the assistance of a major capital exporting country,such as Ger- many or France.During a meeting jointly sponsored by UNCTAD,the Swiss gov- ernment,and a group of fifteen developing countries(G-15),seven developing countries signed eight bilateral treaties among themselves.22 Individual develop- ing countries soon began to seize the initiative.At the request of Thailand,a mini- lateral conference yielded seven more developing country BITs,23 and furthered discussions on several more.Bolivia(2000),India (2001),and Croatia (2001) initiated minilateral discussions on a similar model.France financed a round of 22.Egypt,India,Indonesia,Jamaica,Malaysia,Sri Lanka,and Zimbabwe. 23.Thailand-Zimbabwe,Thailand-Croatia,Thailand-Iran,Zimbabwe-Croatia,Zimbabwe-Sri Lanka, Croatia-Iran,Thailand-Kazakhstan,Zimbabwe-Kazakhstan,and Croatia-Kazakhstan.Sweden also par- ticipated and concluded a BIT with Thailand.BIT partners in the year of their signing against that of all other dyads at risk of signing+ Over time, new BIT partners have become more similar, evidence that the institution is spreading to a population of dyads of similar political and eco￾nomic structure and, presumably, with less reason to sign such agreements+ By the late 1990s, there emerged a few twists to the basic theme of wealthy countries picking off potentially lucrative but risky venues one at a time+ From about 1999, developing countries began a rather more proactive effort to create bilateral investment treaties among themselves+ These activities have been coordi￾nated through the UN Conference on Trade and Development ~UNCTAD!, and sometimes with the assistance of a major capital exporting country, such as Ger￾many or France+ During a meeting jointly sponsored by UNCTAD, the Swiss gov￾ernment, and a group of fifteen developing countries ~G-15!, seven developing countries signed eight bilateral treaties among themselves+ 22 Individual develop￾ing countries soon began to seize the initiative+ At the request of Thailand, a mini￾lateral conference yielded seven more developing country BITs, 23 and furthered discussions on several more+ Bolivia ~2000!, India ~2001!, and Croatia ~2001! initiated minilateral discussions on a similar model+ France financed a round of 22+ Egypt, India, Indonesia, Jamaica, Malaysia, Sri Lanka, and Zimbabwe+ 23+ Thailand-Zimbabwe, Thailand-Croatia, Thailand-Iran, Zimbabwe-Croatia, Zimbabwe-Sri Lanka, Croatia-Iran, Thailand-Kazakhstan, Zimbabwe-Kazakhstan, and Croatia-Kazakhstan+ Sweden also par￾ticipated and concluded a BIT with Thailand+ FIGURE 3. Mean difference in democracy between dyad members 818 International Organization