U.S. corporations strongly favor UNCLOS ratification because they see other countries gaining an advantage while they are sidelined
Contrary to the belief that UNCLOS “discourage[s] U.S. companies from participating in such [mining] activities,” there has been a call by U.S. companies and business leaders to ratify the treaty as soon as possible.201 At the 2012 Forum on the Law of the Sea held in Washington, Jennifer Warren, Vice President of Lockheed Martin, expressed the company’s high interest in deep seabed exploration and continued support of UNCLOS.202 Warren declared, “[r]ecent developments in deep seabed resources have really sharpened our interest in seeing the law of the Sea ratified as soon as possible.”203
Lockheed Martin currently benefits from UNCLOS and the ISA by acting through its British subsidiary.204 Despite this workaround, the company’s actions are symbolic of how important accession to the treaty is to the economic interests of the U.S.205 First, Lockheed’s workaround shows a lack of confidence in the current deep seabed mining regime provided by DSHMRA and the U.S.’s multilateral and bilateral agreements with a select group of nations.206 Second, it demonstrates the value U.S. companies place in security and predictability, both of which are provided by the ISA and UNCLOS.207 Lastly, it validates the significance of deep seabed resources.208 Warren’s statement summarized it best:
The importance of these resources is well understood internationally. Other countries are moving forward quickly and aggressively to access them. As the only U.S.-based claimant, our view is pretty straightforward. Business initiatives to exploit deep seabed mineral resources will only be able to secure the necessary financial investments if done pursuant to the existing international framework.209
In addition, John Ryan, Chief Legal Officer of Level 3 Communications,210 stated, “that any uncertainty inhibits economic growth and investment” when the protection of infrastructure in international waters is not guaranteed.211 While the rest of the world enjoys the benefits of UNCLOS and the ISA, the U.S. idly stands by, watching other nations like China and Russia claim prime locations for deep seabed mining activities.212