UN General Assembly
1982

34. The participating Members of the United Nations must congratulate themselves on the successful conclusion of the Third United Nations Conference on the Law of the Sea. The days when the rich nations of the world could take for themselves what¬ever territory and resources they had access to be over. Henceforth all the unclaimed wealth of this earth must be regarded as the common heritage of all the nations of this planet. The seas and the sea-bed are undoubtedly going to be the source of wealth for the future. There is no reason why the minerals and other resources now found on the exposed surfaces of the planet will not be found in the sea-bed! The problem is, of course, one of exploration and extrac¬tion. The high cost and the sophisticated technology required will be well beyond the capacity of the poor nations. Unless they can have a share as of right whenever this wealth is extracted ^ the gap between them and the rich nations going to widen even more. When finally