Banking services chronicle Published this article page no 51 Natural Resource The sea is believed to contain major reserves of natural resources such as natural gas and oil. Fisheries It accounts for 10% of the worlds fisheries making it a key source of food for hundreds of millions of people. Issues with South China Sea Territorial conflict Philippines Vietnam China Brunei Taiwan and Malaysia hold different sometimes overlapping territorial claims over the sea based on various accounts of history and geography. 19 o China claims more than 80 per cent. Chinas ninedash line is a geographical marker used to assert its claim. It stretches as far as 2000km from the Chinese mainland reaching waters close to Indonesia and Malaysia. o China insists Chinese fishermen are free to conduct activities in their traditional fishing ground which partly overlaps with Indonesias EEZ around the Natuna island group. o Vietnam claims sovereignty over the Paracel Islands and the Spratly Islands. o Philippines asserts ownership of the Spratly archipelago and the Scarborough Shoal o Brunei and Malaysia have claimed sovereignty over southern parts of the sea and some of Spratly Islands. Violation of International rules In 2016 China rejected UNCLOS Arbitral Tribunal ruling. o Tribunal said that China cannot claim historic rights to resources in the waters within a ninedash line encompassing much of the South China Sea if these waters are within the exclusive economic zone or EEZ of other coastal states. o Arbitration was initiated by the Philippines and considered the legality of Chinas NineDash Line Chinese island construction within the Philippine Exclusive Economic Zone and resource exploitation in disputed waters among other issues Banking services chronicle buy.
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