Businesses push U.S. to ratify Law of the Sea treaty
American businesses are urging the United States to ratify the UN Law of the Sea Treaty, saying it is needed to boost crucial domestic energy production and end China’s near-monopoly on rare earths.
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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:- 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)
Parent Arguments:Supporting Arguments:- 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