The blue economy concept: challenges and prospects

Within the regional development in the Arctic, blue economy the concept occupies a dominant position. Analyzing the framework of this concept, the main emphasis is on the sustainable use of marine resources from various points of view: global, regional, environmental and economic. Since the regulation of the blue economy and maritime activities in general is primarily carried out from the position of the UNCLOS, it is necessary to specify the functionality in the provisions of the Convention in terms of providing countries with mechanisms and procedures for managing marine resources. At once, the management of maritime activities and blue resources is de facto for each coastal state, namely: In the territorial sea the coastal State exercises sovereignty extending to the air space over the territorial sea as well as to its bed and subsoil. At the moment, there is a need to determine the parameters of the blue economy, the issues of interpretation of this concept at the global, regional, national and local levels, which contributes to the identification of key challenges and prospects.