Permanent Sovereignty over Natural Resources

Topics: United Nations, Sovereignty, Law Pages: 4 (1359 words) Published: July 6, 2013
PERMANENT SOVEREIGNTY OVER NATURAL RESOURCES
The general assembly adopted the resolution 1803 (XVII) on the permanent sovereignty over natural resource, on the 14 of December 1962 by 87 votes in favour to 2 against, with 12 abstentions. The general assembly also established the united commission on permanent sovereignty over natural resources on 12 December 1958 under resolution 1314 (XIII). In 1961, this commission adopted a draft resolution outlining principles concerning permanent sovereignty over natural resources. Following consideration of this draft resolution by the economic and social council and the second committee of the general assembly, the general assembly adopted resolution 1803 (XVII). That resolution declares that ‘the right of peoples and nation to permanent over their natural wealth and resources must be exercised in the interest of their national development and of the well-being of the people of the state concerned’ Permanent sovereignty reflects the inherent and superseding right of a state to control exploitation and the use of its natural resources. That is, a state has the right to exercise this right for the benefit of its citizens. The permanent sovereignty over natural resourceswas an issue in the deliberation over the legality of nationalizing foreign enterprise. The foreign investors insisted that they have right to exploit another nation’s natural resources, because it was acquired during the colonial period and continued after the independence of the formerly colonized countries. Then, the developing nations argued that permanent sovereignty over natural resources is necessary to protect their economic sovereignty. They also claimed that permanent sovereignty includes the right to expropriate foreign enterprises. It is one thing to note that natural resources is a political and not a legal problem, is a major reason why agreements on the parameters of this fundamental principle has not been reached . There was a recent claim the...
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