UNCLOS based on outdated, anti competitive notions of managing resource and production limits

Problem #2: Unnecessary limitations on the exploitation of resources. The Convention was drafted at time when the failed policies of state control over resources to meet demands for the redistribution of those resources were in vogue. Specifically, Article 140 of the Convention states that all activities outside the jurisdictional waters of individual states “be carried out for the benefit of mankind” while “taking into particular consideration the interests and needs of developing States.” These international waters and the accompanying seabed are defined as those outside the 200-nautical-mile exclusive economic zone (EEZ) the treaty leaves within the jurisdictional control of participating states.

It is unclear why the U.S. should accept a treaty that is so explicitly biased against its interests when it comes to the access to resources. This is particularly so when this bias reflects a policy preference for the redistribution of resources that the world abandoned over a decade ago. The world economy is now organized around the requirements of the market. As elsewhere, the application of market principles regarding the exploitation of sea-based resources will ensure the effective and efficient use of those resources. U.S. adherence to the Convention, therefore, would represent a step backward.