U.S. ratification of UNCLOS key to making U.S. manufactures more competitive by increasing reliability of shipping lanes
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It’s no surprise then that ratification of the Law of the Sea Treaty is a priority for many of the NAM’s members. Its adoption is critical for manufacturing competitiveness in the United States.
While my testimony will focus primarily on mineral development on the deep seabed, that is not the only reason for the urgency in adopting this treaty.
In today’s global economy, exports are more important than ever. Ninety-five percent of the world’s consumers live outside the United States, so reaching these potential customers is critical for manufacturing competitiveness.
This treaty will secure international lanes of commerce and ensure that manufacturers can export their products efficiently. It protects our sovereign interests and promotes international commerce.
Secure shipping lanes are a priority for NAM members. Last year, cargo ships and other ocean liners carried $570 billion of U.S. exports. Discounting our exports to Mexico and Canada, which travel by rail and truck, this total accounts for more than 50 percent of our exports by value and more than 90 percent of our exports by weight.