The long-awaited draft convention sponsored by Argentina, Canada, Chile, Iceland and New Zealand was released informally on Friday. It aims at complementing the existing Law of the Sea Convention and provides for an effective international regime for conservation and management of high seas fisheries. It is to apply worldwide to all fishing fleets and places legally binding obligations on States to abide by international fisheries conservation and management decisions. The draft provides for the settlement of disputes, includes principles recognizing the special interests of coastal States, and ensures consistency of conservation measures within and beyond recognized EEZs and fishing zones. During Friday's press briefing, Canadian Amb. A. Randolph Ghearson commented that he hoped the draft convention would act as "a catalyst for the convergence of views." The draft is expected to be released formally today as document A/CONF/164/L.11.