UN General Assembly
1976

207. During the course of this year, the fourth and fifth sessions of the Third United Nations Conference on the law of the Sea have been held, presided over by the President of this Assembly. As is logical to suppose, it is not easy in a short time and on so controversial a subject to reach agreements that reconcile the interests and aspirations both of those States having vast economic potential and those which, for all their incipient development, still have the right to share in the benefits of wealth which belongs equally to all peoples of the world, as do the resources of the sea. Efforts are being made to establish a special tribunal for the settlement of disputes "which may arise in this connexion. This proposal should be considered in all its ramifications, because if jurisdiction is fragmented by the creation of other legislative bodies we run the risk of weakening the authority of the International Court of Justice, which is the highest judicial body, par excellence, of this Organization.