U.S. will be left out of coming ocean-based economic boom unless it ratifies UNCLOS
The vastness of ocean space and the limits of our knowledge concerning the oceans’ future economic potential also make it critically important that the United States plays a central role in the future implementation of the convention. The convention facilitates the conduct of marine scientific research to expand understanding of the marine realm. As knowledge increases and as technology advances, the oceans may hold enormous, and as yet only dimly perceived, potential. When coupled with America’s unrivaled capacity for technological innovation, new ocean uses may become essential to helping drive economic prosperity for future generations. In the midst of a historic economic crisis, the United States needs to position itself by joining the treaty in order to secure its share of ocean industries of the future and the high- paying jobs they will create.
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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.
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- Ratification of UNCLOS would provide U.S. companies "clear legal title" to resources extracted, igniting an economic boom
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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