On the Table at MC11: Issues related to Blue Economy

The Blue economy is becoming increasingly relevant for sustainable economic and political strategy to address business and climate change issues, taking marine resources into consideration. While untapped marine resources can provide opportunities for growth, especially for developing countries, its sustainable use is a global responsibility and a need of the hour. Presently, the world seems to be divided between developed and developing countries over ocean resource management. Although the United Nations Convention on the Law of the Sea (UNCLOS) provides the legal framework for ocean resource management, some of the key issues of concerns, such as fisheries subsidies, come under the mandate of the World Trade Organisation (WTO). Therefore, it is important for developing countries to prepare blue diplomacy strategies in order to work with the developed countries for their social and economic development, while maintaining the ocean’s health.