What's the "Law of the Sea Treaty (LOST)" all about?

[DustMolecule]

Just heard of it for the first time today. It seems Reagan was against back in his day and it's been on/off the radar in all the years since Reagan. Apparently Condi Rice mentioned it at the confirmation hearings as well (it's something * supports). Did some googling on it, but depending on the "source", it's good, bad, or really really bad. I'm not sure what to think about it. Does anyone here have any thoughts/opinions/knowledge about it?

TIA

[Sanity Claws]

1. It's been kicking around since the 70s

I actually did a paper on it back in college in the late 70s and lost track of it.
I do remember some of the topics it covered. I believe it would have covered the extent of international vs. national waters and fishing rights. I also remember discussion concerning straits when the extent of national waters included the entire straits between nations.

Wish I remembered more or followed it. I guess I'm suffering from "oldtimerers' disease."

[DustMolecule]

2. Well, thanks for responding...

The concepts behind LOST aren't very clear in the stuff I just was reading now. For example:

<snip>
The Law of the Sea Treaty originated in the 1970s as part of the United Nations' redistributionist agenda known as the "New International Economic Order." The convention covers such issues as fishing and navigation, but the controversy arose mainly over seabed mining. In essence, the Law of the Sea Treaty was designed to transfer wealth and technology from the industrialized states to the Third World.

Two decades ago, President Ronald Reagan ignored criticism of American unilateralism and refused to sign the treaty. U.S. leadership caused the Europeans and even the Soviet Union to stay out. Many Third World states eventually acknowledged the treaty's many flaws.
<snip>

And other online sources just seem contradictory to each other.

Oh well, I guess I'll hear about it on the news someday, oh, wait,... nevermind.