Current Status of the Convention On the Law of the Sea Hearing Before the Comm
Current Status of the Convention On the Law of the Sea Hearing Before the Comm
United States Congress Senate Committee On Fore
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In the 12 years since the United States rejected the Con- vention's seabed mining regime, our country has become more economically inter- dependent than ever upon access to global markets. U. S. Economic growth is closely linked to the world economy as a whole and the majority of that trade is carried on and over the world's oceans. Seaborne commerce exceeds 3. 5 billion tons annually and accounts for 80 percent of trade among nations. Universal adherence to the Convention would provide the pre...dictability and stability which international ship- pers and insurers oepend upx)n in establishing routes and rates for global movement of commercial cargo. Increased costs of goods and services resulting from coastal state restrictions on navigation and communications would adversely impact our en- tire economy. 68 -• — With transit passage rights -X — Without transit passage rights Figure 4. Transit Passage: Battle Group Cost and Time Savings If prevented from transiting through the Indonesian Archipelago and the IVIalaccan Straits, a battle group transiting from Yokosuka, Japan to Bahrain would have to reroute around Australia.
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