Major trade industry groups support US ratification of UNCLOS because they understand the impact it would have on facilitating international trade
Another key purpose of the Coast Guard is to promote safe and secure international trade. The Convention promotes the freedom of navigation and overflight by which international shipping and transportation help supercharge the global economy. Some ninety percent of global trade tonnage, totaling over six trillion in value, including oil, iron ore, coal, grain, and other commodities, building materials, and manufacturer goods, travels on and over the world's oceans and seas each year.33 By guaranteeing merchant vessels and aircraft their right to navigate on, over, and through international straights, archipelagic waters, and coastal zones, the provisions of UNCLOS promote dynamic international trade. It reduces costs and eliminates delays that would occur if coastal states were able to impose the restrictions on such navigational rights that existed prior to the Convention.
At the same time, UNCLOS encourages international cooperation to enhance the safety and security of all ocean-going ships. Whether it involves lumber and winter wheat shipped from the Pacific Northwest to Japan, high- quality, low-cost goods from Singapore to Long Beach, or oil from the Persian Gulf to Europe, free, safe, and secure commercial navigation and flights provide great economic and security benefits to all ofus. That is the key reason the U.S. Chamber of Commerce, shipping industry, aviation industry, and other international trade groups have called for immediate accession to the Convention.
Related argument(s) where this quote is used.
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.Related Quotes:
Parent Arguments:Supporting Arguments:
- U.S. industries view accession to the treaty as essential to doing business in international waters
- Major trade industry groups support US ratification of UNCLOS because they understand the impact it would have on facilitating international trade
- U.S. will be left out of coming ocean-based economic boom unless it ratifies UNCLOS
- Ratification of UNCLOS would provide U.S. companies "clear legal title" to resources extracted, igniting an economic boom
- ... and 9 more quote(s)
- Offshore oil and gas development dependent on legal protection of UNCLOS
- U.S. ratification of UNCLOS key to development of deep seabed mining industry
- Success of offshore wind power industry depends on U.S. ratification of UNCLOS
- Marine biotechnology industry would benefit from UNCLOS legal regime
- U.S. underseas cable industry needs UNCLOS protection
- U.S. ratification of UNCLOS is key to sustaining competitiveness of U.S. shipping industry
- Other states will challenge U.S. unilateral claims outside UNCLOS