§ Mr. Hooleyasked the Secretary of State for Foreign and Commonwealth Affairs what is the view of the United Kingdom on the voting structure or system within an international sea bed authority as envisaged by the United Nations Law of the Sea Conference.
§ Mr. LuardThe composition of and voting procedures in the organs of the international sea bed authority, and the relationship between its organs, should be such as adequately to protect all important interests in deep sea bed mining.
§ Mr. Hooleyasked the Secretary of State for Foreign and Commonwealth Affairs whether it is the policy of the United Kingdom that an international sea bed authority, as envisaged by the United Nations Law of the Sea Conference, should have power to take part in international commodity agreements.
§ Mr. LuardThe Government are ready to accept that an international sea bed authority established by a generally accepted law of the sea convention could participate in relevant commodity arrangements in which all major producers and consumers participate.
§ Mr. Hooleyasked the Secretary of State for Foreign and Commonwealth Affairs what is the policy of the United Kingdom concerning the powers of an international sea bed authority to regulate the market in any product obtained from deep sea resources, such as nickel, cobalt 335W and manganese, in the light of current discussions in the United Nations Law of the Sea Conference.
§ Mr. LuardAn international sea bed authority should not have powers to regulate the market, since this should only be done in the context of world-wdie arrangements for the commodities concerned covering all production and consumption. Any production limitation established by a future convention should be specific and, in the interests of the world economy, should not inhibit economically viable sea bed production, nor should it create artificial shortages or price levels.
§ Mr. Hooleyasked the Secretary of State for Foreign and Commonwealth Affairs if the United Kingdom would grant tax exemption to the operations of an international sea bed authority as envisaged by the United Nations Law of the Sea Conference
§ Mr. LuardThe tax implications of the proposals under discussion at the Law of the Sea Conference are being kept under review. No decision has yet been taken.
§ Mr. Hooleyasked the Secretary of State for Foreign and Commonwealth Affairs whether it is the policy of the United Kingdom that an international sea bed authority, as envisaged by the United Nations Law of the Sea Conference, should be able to set up compensation arrangements in respect of minerals mined from the sea bed for the benefit of developing land-based producers.
§ Mr. LuardThe Government do not favour a proliferation of compensation arrangements beyond those already operated by existing international institutions.