UN General Assembly
1984

119. We note with concern, therefore, the Provisional Understanding regarding Deep Seabed Matters concluded at Geneva on 3 August 1984 by eight industrialized countries. In our view, the agreement is contrary to the letter and the spirit of the United Nations Convention on the Law of the Sea. 120. The Philippines has ratified that Convention and my delegation earnestly urges others to do the same so that it may come into force very soon. 121. The dismal picture of the world today is becoming even gloomier and more tragic because of the increasing economic inequalities among nations and peoples. The consequence is the uncontained deterioration of conditions in the poorer countries of the world. There can be no real peace without economic security.