The cornerstone of international law is ‘applicability of law based on consent’. Being bereft of any legislative machinery to legislate international law in the international sphere, the statute of the International Court of Justice (ICJ) adumbrates ‘treaty, customary international law and general principles of law, etc.’, as the sources of international law. Treaties (both bilateral and multilateral) formulation, however, is one such mechanism of codification of international law in which consent is given explicitly to a rule of international law. In this context, the law of the sea is an interesting example of the successful emergence of an international regime accepted by all nations.