Business Groups Urge Law of the Sea Treaty Ratification
Over 150 countries and the European Union have ratified the treaty, so supporters argue that the United States is missing out on the legal certainty and predictability it would provide.
"Now that new technologies and changed conditions have made it cheaper and easier to access the potential wealth beneath the oceans, the business community simply cannot afford to have the U.S. remain on the sidelines," the groups wrote in a letter to senators on Wednesday.
The letter goes on to say how the treaty will help energy companies, the telecommunications industry and other industries that rely on mineral resources.
"Accession to the Law of the Sea Convention is the only means to protect and advance the claims of U.S. entities to the vast mineral resources contained on the deep seabed floor, and would ensure that ships flying American flags travel safely and securely through international waters," the letter says.
Groups that signed the letter include the American Petroleum Institute, the Chamber of Shipping of America, the National Association of Manufacturers and the Telecommunications Industry Association.