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legal, and political circumstances one or another U.S. firm 

 would choose to invest in seabed mining. This is a business 



judgment we are not empowered or equipped to make. We do 



believe, however, that to the extent that the sum of political, 



legal, and economic risks external to the market and technical 



risks are reduced, the chances that a firm would decide to 



make the very large investment associated with seabed mining 



are increased. 



5. VJhat is the view of the Administration toward the 

 principle — long established by all parties to the talks — 

 that the sea's resources are the common heritage of mankind? 



The often-repeated view of the United States, stated 

 first when the Common Heritage Resolution was adopted by the 

 U.N. General Assembly in 1970, is that the common heritage 

 idea with respect to the seabed is to be given meaning and 

 expression in a generally accepted international agreement. 

 Prior to the entry of such an agreement into force for the 

 United States, the common heritage idea is an empty vessel, 

 devoid of juridical content. In our view, what many govern- 

 ments now call the "common heritage principle", no matter how 

 defined, does not yet apply to the seabeds. The regime of the 

 high seas prevails. 



o 



