Oceans are also superhighways for moving commerce. For example, over 98 percent of all foreign trade in and out of the U.S. is by ocean transport. Today this trade accounts for more than 20 percent of our nation's gross domestic product. This number is expected to increase to 30 percent by the year 2000. Modern, efficient port facilities and accurate navigation tools are critical to moving this ocean cargo safely and quickly.
Oceans are also generators of commerce.
In coastal areas, oceans help support multibillion dollar tourism, recreation and real estate industries. And by producing fisheries and some of the greatest biological diversity on earth, oceans provide an incredible variety of foods, pharmaceuticals and other products of critical importance to the U.S. and other nations. The Federal Government has joined with non-government organizations, academics, and industries in embracing the United Nations designation of 1998 as the International Year of the Ocean. Domestically, the Ocean Principals Group has initiated U. S. plans to commemorate the Year of the Ocean. In addition, representatives from the Council on Environmental Quality and the White House Office of Science and Technology Policy have been recent participants.