President Ronald Reagan refused to sign the omnibus agreement. However, the UN convention refused to die. It was revived by George H.W. Bush and Bill Clinton, backed by George W. Bush, and endorsed by Barack Obama.
LOST is the sort of esoterica which fills Washington. The agreement took three UN conferences over decades to negotiate. It mixed unrelated issues: navigation, seabed mining, environmental protection, fishing. It is long, complex, and counterproductive. Its genesis was a different world: social engineering was the rage in Washington, communism seemed to be on the march, and Third World dictatorships claimed the moral high ground. Indeed, LOST was seen as an important tool to advance what was then called the New International Economic Order (NIEO).