U.S. non-participation in UNCLOS and ceding of seabed to foreign parties could become greatest foreign policy failure
MOORE: The third question is, well, why do we really need to have adhered to the convention? I hope I have answered that in giving you some of the issues already. Let me just say, if you really believe that you prefer the United States not to be THE oceans leader in the world but simply to be an observer while the rest of the world changes the law and things, then you should be for this opposition. Because that's exactly what is happening.
We are being harmed and being harmed in very serious ways. And one of those that I've been particularly paying attention to economically that has not gotten much attention is literally we have remaining three huge mine sites in the deep ocean floor. A mine site is approximately the size of the state of Rhode Island, each one somewhere around $1 trillion in aggregate value of hard minerals for the United States. We've lost one out of the four of those already because of the delay. The companies just got tired of this and basically sold it for nothing. And if the United States doesn't adhere in a reasonable period of time, what's going to happen is those sites will be turned over to the Chinese and the Russians and the others. And this will be one of the greatest travesties, I think, in the history of U.S. foreign policy.
U.S. failure to ratify UNCLOS has damaged U.S. national security and economic growth by forclosing valuable opportunities, increasing the costs for military operations, and crippling U.S. maritime leadership as our adversaries become more aggressive.