A: The Law of the Sea Treaty, derided by critics as the “LOST,” is taken from the official name of United Nations Convention on the Law of the Sea (“UNCLOS”). It is a United Nations agreement defining rights and responsibilities of countries in their use of international waters. i.e. "the high seas," and the sea bed below.
The agreement deals with areas include seabed mining, fishing rights, environmental and navigation issues. Proponents cite it as a means to provide equitable rights to the oceans among the world’s nations under the so called “common heritage of mankind” principle.
Critics deride it as a UN takeover of over two-thirds of the world’s surface through mandatory taxation administered by an International Seabed Authority.
The United States has signed but not ratified the treaty.