Economic Perspective of the Liancourt Rock Dispute Research Paper

Economic Perspective of the Liancourt Rock Dispute - Research Paper Example The claims of sovereignty over the offshore territory where the islands are lying are mostly triggered by the economic value of the islands and its surrounding amenities. The area was found to be rich in aquatic or marine animals that are a potential source of income. The economic value of the area is said to be realest reason why both countries, Japan and South Korea, are very effortful in acquiring control over these areas. What are Liancourt Rocks? These are actually bundled formations of small islets that are mostly composed of rock formations. For the Japanese, the Islands are called â€Å"Takeshima† and for Koreans, it is called â€Å"Dokno†. These islands are havened in the Sea of Japan. The islands are situated around 87 kilometers in the eastern part of Ulleung Island, a South Korean island; 157 kilometers in the Northwestern portions of Oki Islands in Japan. The area is very pristine and is mostly uninhabited. 2 What are the economic values of Liancourt Rocks? One of the probable reasons of the dispute that led to the conflict between these two nations, with regards to the sovereignty and control over the islets, would be its economic values. ... n this law, â€Å"Parties to UNCLOS are entitled to as much as 200 nautical miles†¦Ã¢â‚¬ , (equivalent to 370.4 kms), â€Å"..of maritime and jurisdictional exclusivity†. To discuss this topic thoroughly, it is ideal to divide these economic benefits in two: first, the economic benefit brought about by the â€Å"establishment of sovereignty†; second, the natural benefits of the islets, either direct or indirect. First, an establishment of sovereignty over an offshore territory, as stated above, will eventually grant a certain nation a control to the seas that are legally part of their territory and would therefore give them an exclusive economic zone or EZZ. What is exclusive economic zone? This is a right of a country to perform economic operations in different forms like exclusive fishing and mining operations on the seabed. Seen this way, certain holes revealed that these two contesting nations are grimly pouring all their efforts to gain sovereignty over the islets so that they can make use of the islets to boost their economy. This will serve both countries economically. However, this remains an unresolved issue for the mean time for the reason that South Korea and Japan are discussing the arguments with too much friction. 3 What are the economic benefits of EZZ? Certainly, EZZ would bring a great impact to the economy of a certain country. If you cogitate on the idea that a country will have an exclusive access and use on all resources that can be found within the offshore territory, there is a great chance to generate and exhaust these natural resources and be utilized as economic boosters. In 1998, the Korea-japan fisheries agreement had set a parameter that considers the waters surrounding the Liancourt Rocks as a â€Å"neutral territory† which means that in an