Small island developing states, exclusive economic zones and economic resilience building

Abstract

This chapter argues that the ocean and coastal environment of SIDS is not only of strategic importance but constitutes a valuable development resource as well. It looks at the potential benefits that the exploitation of the SIDS Exclusive Economic Zones (EEZ) present vis-a-vis economic resilience building, particularly because this could permit economic diversification of SIDS' economies. Although many SIDS have vast EEZs in proportion to their land area and population size, they do not generally enjoy a fair share of the proceeds. The fishing regions that fall under the jurisdiction of SIDS are among the most productive in the entire world, yet foreign fleets often reap the greatest reward from fishery resources, with SIDS only receiving a small fraction of the total benefits. The challenges of EEZ management are not limited to fisheries, and include also mining and oil exploration. The chapter argues that the sustainable exploitation of these resources will enable the SIDS concerned to diversify their economies and therefore become more resilient to external shocks.