For Immediate Release
July 27, 2012
U.S. Senate Leaves American Business on ‘Sidelines’ Without Law of Sea, Says Largest Business Association
When Time Comes to Decide, U.S. Chamber Urges All U.S. Senators to ‘Carefully Examine’ the Merits of Treaty Ratification
Washington, D.C. – In a letter sent today to all U.S. Senators, Thomas J. Donohue, the President and Chief Executive Officer of the U.S. Chamber of Commerce – America’s largest business association – urged all Senators to “carefully examine the merits of the renegotiated” Law of the Sea Treaty when the times comes to decide on ratification and cautioned that failure to ratify would “leave U.S. business on the sidelines.” Donohue wrote:
“The stakes are enormous. America’s extended continental shelf, which in some areas extends hundreds of miles beyond U.S. territorial waters, contains abundant oil and natural gas reserves that can provide reliable, affordable energy to America’s homes and factories for decades to come – but only if the Senate acts to approve Law of the Sea.
“Likewise, by joining the Convention, U.S. companies would gain exclusive access to abundant rare earth mineral resources that are essential to high-tech manufacturing. China currently controls 90 percent of the world supply of rare earth minerals. Law of the Sea represents America’s best opportunity to take control of its own resource destiny.
“No U.S. company will make the multi-billion-dollar investments required to recover these resources without the legal certainty the Convention provides.
“U.S. companies need the U.S. Senate to help in developing energy and mineral resources in the Arctic and on the Seabed.
“When the time comes to decide, we hope you will consider the important arguments in favor of this treaty raised by America’s most senior military and business leaders and support the expansion of U.S. resource sovereignty and give American businesses the legal certainty they need to make investments, drive economic growth, and create more U.S. jobs.”
The U.S. Chamber of Commerce is just one of many U.S. business organizations, including the American Petroleum Institute, the National Association of Manufacturers and RARE: The Association for Rare Earth, that have joined The American Sovereignty Campaign (TASC) to show the solid support from the U.S. business community for Treaty ratification.
“A vote for ratification is a vote for the U.S. economy, investment, jobs and national security,” said TASC Director Jeff Pike. “In a time of economic crisis and in an increasingly dangerous world, America needs the sovereignty expansion and the economic opportunity and jobs that ratification would provide, and we will continue to make the case to all Senators.”
Learn more about TASC at www.RatifyTheTreatyNow.org.
The American Sovereignty Campaign (TASC) is supported by a broad, diverse and distinguished group of national security, business and NGO leaders who are committed to expanding U.S. sovereignty and protecting vital national security and economic interests by securing Senate ratification of the Law of the Sea Treaty this year.