Ratifying UNCLOS would help U.S. reduce expenses and unlock more revenue from energy and mineral resources
And ratifying the treaty saves the United States boatloads of cash. Approving it would allow us to reduce our military expenditures yet maintain naval strength at a time when our nation’s debt keeps climbing. One example is over piracy. The total economic costs of Somali piracy in 2011 were approximately $7 billion by some estimates. Signing the treaty would allow the U.S. to better coordinate anti-piracy and anti-terrorism efforts alongside the international community. Instead of policing the world’s waters by ourselves, we could share the burden. Signing the treaty, then, reduces costs and danger for our already overextended navy. What’s more, approving the treaty is similar to the best kind of business decision: it reduces expenses and puts money in our pocket. It provides for Exclusive Economic Zones, or exclusive privileges to manage the natural resources near our coast. No country stands to benefit more from these zones than the United States. As Citizens for Global Solutions points out: “The American zone is larger than that of any country in the world. The size of [America’s] zone is…bigger than the lower 48 states combined.” With increased access to the ocean’s resources – including mineral-rich waters near our shores – we can boost the economy, increase domestic energy production and bring back more jobs.
Without the universally recognized legal regime governing the exploitation of the mineral resources of the deep-sea beyond the zones of national jurisdictions that UNCLOS provides, US companies will not assume the investment rights associated with such projects until it was clear who had “clear legal title” to the resources extracted.