THERE is a need for socio-economic impacts on Small Island Developing States (SIDS) to be adequately reflected in the “Draft Regulations for Exploitation in the Area”.
Permanent secretary for the Ministry of Lands and Mineral Resources Malakai Finau made this statement while addressing the 24th Session of the International Seabed Authority (ISA) held in Kingston, Jamaica, this week.
Mr Finau who led a Fijian delegation to the session said given the vulnerabilities of SIDS and their reliance on the oceans as a source of livelihood, the draft regulations needed to adequately reflect this.
He also highlighted the issue of the royalty payment and other benefits, and the need to clarify what forms of revenues would be received once mineral exploitation began and how this would be distributed among all member States, including SIDS as part of the common heritage of mankind.
The ISA commenced on Monday, July 16, with the resumption of the ISA Council.
Fiji, a member of the ISA Council, met other Council members to discuss the draft regulations on exploitation in the “Area”.
