The Convention on the Law of the Sea sets the rights and obligations of State Parties in relation to the law of the sea and ocean affairs, thereby providing a global ocean governance framework that is almost universally accepted. The Convention is a living example of how national interests are balanced with global interests regarding the exploration and conservation of the ocean (Long, 2007). National interests included the claims for the extension of the maritime spaces. Global interests were mainly the expanding threat of unregulated natural resources exploration . Consequently, the United Nations General Assembly convened the Third United Nations Conference on the Law of the Sea—UNCLOS III in 1973 to discuss ocean matters in plenitude . It was only after 9 years of long and intense negotiations at the UN that the Convention was finally adopted in 1982 and entered into force in 1994. Today, it is the globally recognized regime dealing with all matters relating to the law of the sea, being ratified by 167 States Parties and the EU (United Nations.