UN General Assembly
1974

190. Another event of singular importance is the consolidation of the principle of universal social ownership of the sea-bed beyond the limits of national jurisdiction, the administration of which should be carried out by an international authority to be established with the equitable participation of all States. In accordance with the consensus of the Group of 77 developing countries, the exploitation of the resources at the bottom of the sea should not be carried out for the purpose of mere profit. Rather, it should be truly placed at the service of the peoples of the whole world as the common heritage of mankind. 191. At Caracas, thanks to the cohesion of the third world, the formulation was begun of a new law of the sea, which, in its humanist inspiration, must become an instrument of justice, co-operation and peace, and no longer a tool for hegemony at the service of the great Powers.