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Elements Of A Legal Regime To Govern The Commercial Exploitation Of Extraterrestrial Resources

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Chapter Summary

Until the beginning of the 21st century, the possibility to exploit extraterrestrial resources for commercial purposes has been considered no more than a dream and just a topic for science-fiction novels. The rules regulating the exploitation of the resources of the Moon and other celestial bodies should be inserted in a legal instrument that will be open for acceptance and ratification of States. The main purpose of the proposed legal regime is to facilitate, encourage, manage, and control the exploitative activities of lunar and other celestial bodies' resources. A legal regime to govern the exploitation of extraterrestrial resources requires an adequate set of rules dealing with liability issues. The dispute settlement mechanism of the legal regime governing the exploitation of lunar and other celestial bodies should be modeled on the example of the one operating within the world treaty organization (WTO).

Keywords: celestial bodies; dispute settlement mechanism; extraterrestrial resources; liability regime



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