Former President Reagan's first objection to the Treaty was the Principle of the "Common Heritage of Mankind," which dictates that oceanic resources should be shared among all mankind and cannot be claimed by any one nation or people. In order to achieve this goal, the Treaty creates the International Seabed Authority ("Authority") to regulate and exploit mineral resources. It requires a company to submit an application fee of $500,000 (now $250,000), as well as a bonus site for the Authority to utilize for its own mining efforts. Additionally, the corporation must pay an annual fee of $1 million, as well as a percentage of its profits (increasing annually up to 7%), and must agree to share mining and navigational technology--thereby ensuring that opportunities aren't restricted to more technologically advanced countries. The decision to grant or to withhold mining permits is decided by the Authority, which consists disproportionately of underdeveloped countries. Technology-sharing is no longer mandatory, however, there are remaining "principles" to guide its use and distribution. Additionally, the Council has been restructured so that the United States has a permanent seat, and developed countries can create a blocking vote.
Secondly, former President Reagan believed that the Treaty would restrict the world's supply of minerals. The Treaty was originally designed to limit the exploitation of heavy minerals in order to protect the mineral sales of land-locked, developing nations. This is no longer a severe limitation, because production limits to preserve land-based mining have been removed.
The third--and still valid--objection is that mandatory dispute resolution restricts autonomy. Either a U.N. court or tribunal must mandate maritime Issues involving fisheries, marine environmental protection, and preservation, research, and navigation. A country may opt out if the dispute involves maritime boundaries, military, or limited law enforcement activities. Submitting to external jurisdiction creates an uncomfortable precedent. Furthermore, it weakens the U.S. argument of autonomy when it refuses to submit to the International Criminal Court. Additionally, a country must petition to be excluded from mandatory jurisdiction requirements.
Is this the best they can do?????
any word on Obambi’s position or will this be a one way street? Nahhh, I know that answer.
We need somebody who talks about REAL problems not the same old bs we see on tv, global warming, being fair to everybody no mattter who they are it’s all a crock of shit, seems we are being played for fools and WE don’t care.