Why this hasn't landed yet
The document is a negotiating position paper, not a law, not a vote, not a penalty, and not an announcement of anything that changed today, which means it reads as process rather than event even though the process is the only place where the outcome gets decided.
What happens next
The High Ambition Coalition, co-chaired by the EU, will arrive at COP1 in January 2027 with a ratified treaty and a negotiating position; whether fishing and deep-sea mining states accept binding marine protected area designations will determine in the next 12 months whether this treaty follows the Fish Stocks Agreement into slow irrelevance or becomes something different.
The catch
Distant-water fishing states and deep-sea mining interests will push to narrow the treaty's scope at COP1 the way some states successfully pushed fisheries management out of early BBNJ negotiating sessions entirely, using procedural objections to defer binding limits while formally supporting the treaty's existence.