U.S. ratification of UNCLOS critical to giving U.S. industries a chance to compete for resources

At issue, in light of China’s emergence as an economic power, technology leader and a nation with a defined oceans strategy, and the activity of Russia and others in the Arctic region, are serious concerns that the United States is falling behind by not securing its sovereign rights to the vast resources of its continental shelf beyond 200 miles from shore — and to explore for more around the world — matters that encompass economic losses as well as national security threats.

Proponents, largely within industry, are anxious to see the United States accede to the Convention. In doing so, the country gains the legal authority to sponsor U.S. companies eager to secure rights to oil and gas reserves, and to leverage investments upwards of $2 billion for mining deep seabeds for valuable metals and rare earth elements. More than 40 countries have begun the process of securing their own continental shelf rights, according to State Depart- ment data.

“Chinese, Indian and Russian companies are exploring deep seabeds for rare earth elements and valuable metals, but the United States cannot sponsor our companies to do the same,” Secretary of State Hillary Clinton said in a videotaped statement last December to the Pew Business Roundtable. “Joining the Convention will level the playing field for American companies so they have the same rights and opportunities as their competitors.”