UN General Assembly
1974

238. Here I must refer to the continued monopoly by a few States of the resources of the sea. We hope that the Third United Nations Conference on the Law of the Sea held at Caracas, which dealt with this problem in a practical and realistic manner, will reach at its forthcoming session in March an agreement that will ensure an equitable and just distribution of the tremendous resources of the sea, so that the developing countries, which have been deprived in the past of justice in that distribution, will have a share commensurate with their needs.