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Equatorial Guinea had been previously dubbed as a low economically developed country in the 1970’s due to its low in demand exports such as cocoa, timber and coffee.However since the 1980’s, its economy has experienced a large growth due to the country’s discovery of oil, petroleum and natural gas deposits, because of this it is now dubbed as a medium economically developed country by the World Bank and the IMF.Petroleum exports now account for a large majority of Equatorial Guinea’s exports and contributes more than four-fifths of its gross domestic product.Despite this, the people of equatorial guinea have to largely rely on farming as their predominant occupation and live with poor standards of living.
The republic of Equatorial Guinea solemnly believes that the Aarctic should not be militarized as militarisation of the Aarctic opens up new problems, as larger and more powerful nations than Equatorial Gguinea could exploit the oil and mineral rich lands and oceans of the Aarctic.These nations which hold a “stake” in the Aarctic could damage the economies of oil export reliant based nations.African nations such as Equatorial Gguinea have limited international influence and importance in the militarisation of the arctic region due to its far distance and thus would hope to establish better foreign ties with Sslavic countries and oil export reliantbased countries in order to ensure there is proper regulation on the control of the arctic region.
Equatorial Guinea emphasises on the need to have a of a legally binding agreement imposed on all nations which restricts the amount of land owned by each nation so as to prevent the exploitation of Aarctic soil by large Ffirst Wworld countries, due to their preponderant sects of land compared to weaker countries.Such acts can be considered to be aggressive and expansionist in nature and may be interpreted as a threat to other nations economies and sovereignty.
Equatorial Guinea also emphasizes on the need of a regulatory body such as the UNSC itself or a sub-body under the UNSC to ensure binding agreements related to the militarisation of the arctic are carried out.This is to ensure the Aarctic remains as a largely “terra nullius” area to prevent conflict between international powers.This body would also ensure proper terms such as the “continental shelf” is made clear to every nation as well as ensure powerful nations such as russia and america do not build out of their exclusive economic zones.Aggressor states can be dealt with by imposing economic sanctions on the aggressor state and cutting off key resources to ensure an effective deterrent is executed against the state.
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