February 18, 2005

IFMIF Statement on "Law of the Sea Treaty"

Washington, DC - The Islamic Free Market Institute, a non-profit group dedicated to spreading free trade and economic well-being throughout the Muslim world, today condemned the "Law of the Sea Treaty" or LOST. While several of its provisions are relatively benign, the key element of LOST is the creation of an unaccountable supranational organization called the International Seabed Authority (ISA), which would encroach on the sovereignty of nations and stifle innovation, development and free trade.

The ISA, created under LOST, would have unprecedented powers for a multilateral institution. ISA would be able to levy taxes, impose sweeping regulations, and seize property.

"The Law of the Sea Treaty would be disastrous for International development efforts," said Nick Yawer of the Islamic Free Market Institute. "As free trade spreads through across the globe, we cannot afford the imposition of new taxes, regulations and restrictions that LOST would surely bring."

LOST has been soundly rejected by the United States and a host of other nationals since it's creation in 1982. President Bush and the Republican Senate are currently LOST.

"LOST is a bad treaty and should be rejected by the United States," continued Yawer. "The US should pursue policy that allows innovation to take root and flower, not ones like lost LOST that stifle development and hold down trade."