U.S. non-party status to UNCLOS is harming U.S. economy by constraining resource mining and underseas cables industries
Our economy is hurt when delimitation of our extended continental shelf is delayed and when legal uncertainties from non-membership prevent our oil and gas industry from exploiting the rich continental margin, especially in the Arctic. Development of resources in the Chukchi and Beaufort Seas off Alaska's coast would create approximately 54,700 jobs per year nationwide with a $145 billion payroll and would generate $193 billion in federal, state and local revenue according to a study done by the University of Alaska's Institute of Social and Economic Research.
The delay in ratifying this treaty has already cost the loss of one of our four seabed mine sites, the richest in the world, and if we do not soon adhere the United States risks losing the remaining three, with billions in the strategic minerals manganese, copper, cobalt and nickel at stake. A single seabed mining operation would spur the economy with total capital purchases of close to one and a half billion dollars and would stimulate robust job creation. Further, for our nation to lose this new industry would cost millions in consumer losses and foregone tax revenues and billions in our balance of trade as the United States was forced to import rather than produce these strategic minerals.
Undersea cables carry more than 95% of international Internet and telephonic transmissions. These crucial cables also transmit financial data and transactions worth trillions every day. The Convention establishes the legal underpinning for protecting and managing these cables. At a National Press Club event a spokesman for AT&T warned that not being a party places America's crucial communication links at risk.
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If the U.S. does not ratify UNCLOS, it risks losing the remaining three possible seabed mining sites, with billions in the strategic minerals manganese, copper, cobalt and nickel at stake. A single seabed mining operation would spur the economy with total capital purchases of close to one and a half billion dollars and would stimulate robust job creation.Related Quotes:
- Race for seabed mineral wealth taking off worldwide
- U.S. stake in emerging deep seabed mining industry could be worth as much as $1 trillion annually
- US missing out on tremendous economic gain from exploiting oil, gas, and mineral resources outside EEZ
- U.S. non-party status to UNCLOS is harming U.S. economy by constraining resource mining and underseas cables industries
- Potential mineral wealth in seabed exceeds existing land deposits
Currently the vital U.S. underseas cable industry has to rely on the outdated 1884 telegraph treaty for its legal basis when defending its rights to lay, maintain, and repair underseas cables. U.S. ratification of UNCLOS would better protect U.S. companies’ existing cable systems and foster additional investments by giving telecommunications the legal certainty to their claims that they need.Related Quotes:
Parent Arguments:Supporting Arguments:
- Telecommunications industry supports the treaty because of its valuable support for underseas cables
- As a non-party to UNCLOS, U.S. can only use 1884 convention rules on telegraph cables to protect its underseas cables
- Protections for underseas cables upgraded in UNCLOS
- US telecom companies are disadvantaged in disputes over underseas cable rights by the US being a non-party to the convention
- ... and 31 more quote(s)