Third World's Loss Ramakrishnan Korakandy THE unilateral extensions and declarations of territorial rights by coastal states, particularly in the early and middle 1970s, largely anticipating the outcome of the third Law of the Sea sessions, had prompted the FAO's search for solutions to the problems of changed global fishing rights, powers and control. The Law of the Sea, even in the making and control. The Law of the Sea, even in the making and finally by its adoption in 1982 of the 200-mile exclusive economic zone, had threatened global fishing fleets of the distant water fishing nations, of their eventual displacement by domestic fishing vessels of local states and of the resulting excess capacity in fishing fleets and installations of the distant water fishing nations. It was also feared at that time that this would eventually affect the global fish supplies and the economies of the distant water fishing nations. The impact of the fall in supply was expected to be severe in the developed countries of Europe and America, which are the major importers of fish from the distant water fishing nations. The FAO, as the watchdog of developments in global fisheries was called upon to checkmate the developed countries' strategy.
