Absolute freedom of navigation upon the seas, outside territorial waters, alike in peace and in war, except as the seas may be closed in whole or in part by international action for the enforcement of international covenants. Woodrow Wilson, fourteen points speech, 1918 president Wilson is referring specifically to the freedom of seas.
In accordance with international law, Article 92 of the convention states that ships shall sail under the flag of only one state and shall be subject to that state's exclusive jurisdiction on the high seas, save in extraordinary circumstances expressly provided for in international treaties or in this convention, however, when a ship is involved in specific criminal acts, such as piracy any nation may exercise jurisdiction under the doctrine of universal jurisdiction. Trade has played a significant part throughout history, from the Vikings to the Europeans, Central Asians, Africans, and inhabitants of North and South America. It has also been a major contributor to a developing economy. By exchanging goods for goods or services from one party to another through trade, ownership of the goods is transferred.
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