4 ilus.; Sum. (En, Fr)

A new law of the sea was essential if the potential economic value of the old extraterritorial seas were to be put to the service of humanity. The informal Draft Convention from the Third Law of the Sea Conference went a long way toward developing a system that avoids the dissipation of economic rents for the natural resources in the oceans. It does this mainly throught the creation of the 200-mile exclusive economic zones (EEZs) for coastal states. For the ocean resources that remain outside the extended sovereignty of nation states, principally a minor part of world fisheries and the deep-sea polymetallic nodules, new international regulatory systems have been required. The new law of the sea provides for a flexible system of fisheries management based on regional organizations. More detailed arrangements were laid down for deep-sea minig. It deep-sea mining turns out to be highly profitable, the proposed arrangements will restrict its expansion but leave a considerable part of economic rent with investors. This might eventually be seen as a weakness of the systems, which could be reduced through the introduction of general income tax obligations and competitive bidding for leases. If deep-sea mining turns out to be a marginally profitable activity in favourable conditions, the proposed fiscal arangements will not be an important deterrent to development