International policies on the economic resources of the deep-seabed

Abstract

The resources of the seabed and ocean floor beyond the limits of national jurisdiction were declared the ‘common heritage of mankind’ by the United Nations General Assembly. This article discusses the mineral resources located in this area and how the commercial availability of such resources was perceived to affect national interests. Although the exploitation of these resources would have benefited all states, some more than others, such exploitation was seen to have conflicting consequences on national interests in the light of the North-South dialogue in which trade and access to raw materials played a central role. The factual basis for these different national interests is examined by a discussion of the possible impact of mineral production from the deep-seabed on world markets and the policies implemented in the Convention on the Law of the Sea to ensure these interests are evaluated.