4 - Compliance of the Common Heritage of Mankind Principle in the Commercialization of the Area

Presentation Abstract
The Law of the Sea expressly provides that the implementation of any activities in the area shall be carried out for the benefit of mankind concerning the geographical location of states, whether coastal or noncoastal and with special regard to the interests and needs of developing countries and nations that have not achieved full independence. Article 160 Paragraph (2) g of UNCLOS 1982 explains that the sharing of benefits derived from activities in the Area is carried out by the ISA Assembly by deciding on the equitable distribution of benefits obtained by the arrangements in UNCLOS 1982 including the principle of non-discrimination. The equitable sharing provisions in UNCLOS do not specify whether equitable sharing is in terms of percentage benefits between developed and developing countries or vice versa. The equitable sharing of financial and other economic benefits derived from activities in the region is according to UNCLOS and the Authority's Procedures, in which case the Authority's Council has the authority to recommend arrangements, regulations and procedures regarding equitable sharing which will then be determined by the Authority's Assembly.