This article presents the outcome of research aimed at assisting governments in meeting their commitments and legal obligations for sustainable fisheries, based on increasing evidence that global fisheries are in crisis. The article assesses the effectiveness of the existing legal and institutional framework for high seas living resources. It focuses on: (1) the role of regional fisheries management organizations (RFMOs); (2) tools for compliance and enforcement to stem illegal fishing; and (3) mechanisms for habitat protection. The article further highlights a variety of options for addressing key weaknesses and gaps in current ocean governance, including United Nations General Assembly (UNGA) resolutions, reforms at the regional level, as well as a possible new legal instrument, with a view to informing international discussions on ways to ensure the sustainable use of high seas resources without compromising the health of the marine environment.

Marine genetic resources (MGR) are a new issue in high seas management. Discussion on how to best manage these resources is currently ongoing at the United Nations, within the context of a proposed treaty on the conservation and sustainable use of marine ‘Biodiversity Beyond National Jurisdiction’ (BBNJ), which is expected to be completed in 2020.But how accurately can states measure the potential economic value of resources that still do not have a clear market application? Developing states in particular already suffer from wealth blindness, where they lack the capacity to properly evaluate the economic value or market potential of their marine resources. This article explores the extent to which wealth blindness forms the backdrop to the current debates over the potential for profitably exploiting marine genetic resources, as well as how this relates to demands for capacity building and technology transfer in the BBNJ treaty negotiation process.