Reconciling Permanent Sovereignty Over Natural Resources and Pacta Sunt Servanda

Abstract

The principle of permanent sovereignty over natural resources essentially advances the argument that resource rich nations should have control over their natural resources. Such an exertion of control entails the following: The right to freely dispose of natural resources. The Right to Explore and exploit natural resources freely . The Right to Use Natural Resources for Development .The Right to Regulate foreign investment and) The Right to settle disputes on the basis of national law Such control is contingent upon the State utilizing the resources for national development.8 In addition, in exercising the rights attached to this principle the State must act within the parameters of international law. Moreover, a degree of international cooperation is required.10 The first part of this section will discuss the general evolution of the principle of permanent sovereignty over natural resources. The second part will discuss the legal status of the General Assembly resolutions