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also be required. We favor also provisions to protect the
fishing interests of landlocked and other geographically
disadvantaged countries.

In some areas the continental margin extends
beyond 200 miles. To resolve disagreements over
the use of this area, the United States proposes that
the coastal states be given jurisdiction over the continental
margin, which is beyond 200 miles, to a precisely defined limit, and
that they share a percentage of financial benefit from
mineral exploitation in the area with the international
community.

Beyond the territorial sea, the offshore economic
zone, and the continental margin lie the deep seabeds.

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They are our planet's last great unexplored frontier.

For more than a century we have known that the regions
hold vast deposits of manganese, nickel, cobalt,

copper and other minerals, but we did not know how to

extract them. Modern technology is opening them up

rapidly for exploration and commercial exploitation.

The United Nations has declared the seabed to be
the "common heritage of mankind." This only states

the problem, if offers no solution. No nation has yet

claimed exclusive jurisdiction over the deep seabeds.

But how will the world community manage the clash of
national and regional interests, or the inequality of

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right of access presently enjoyed by states and their
citizens under international law. Restrictions on free
access will only retard the development of seabed
resources, and are not acceptable. Nor is it feasible,
as some developing countries have proposed, to reserve
to a new international seabed organization the sole right
to direct and manage exploitation of the seabeds.

Nevertheless, the United States believes strongly
that law must regulate international activity in this area.

involved
The vast wealth/offers an historic opportunity for the world
community to dedicate additional resources to the
development of the poorer countries. The regime for
solution can lead to new
the seabeds gives us an opportunity to establish new
patterns of accommodation between the developing and

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[y]

citizens, directly to exploit deep seabed
resources. It should also ensure

-- Fair adjudication of conflicting interests and
security of investment, must be guaranteed.

-- The management of the organization and
its voting procedures must reflect and
balance the interests of the participating
states. The organization should not have
the power to control prices or production rates.

-- Countries and their enterprises mining
deep seabed resources should pay an
agreed portion of the revenues from their
production to the international organization, to

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used for the benefit of developing countries.

This organization should also have the
right to conduct mining operations on
behalf of the international community
primarily for the benefit of developing
countries.

The new organization should serve as a
vehicle for cooperation between the
technologically advanced and the developing
countries. The United States is prepared
to explore ways of sharing deep seabed
technology with other nations.