The renewed global interests in lunar exploration in the recent past open up many new opportunities for scientific explorations as well as resources exploitations. In this second phase of exploration, the space fairing nations including those in Asia Pacific Region, seek more prominent roles than seen before. The paper begins with a survey of the lunar missions of the past and the very recent past based on their technical abilities and chronological development. It is argued that the present legal regime has enabled everything that a space scientist could ask for. It is inferred that the Moon Treaty is an enabling regime rather than a prohibitive one as is widely perceived. A critical examination of the Moon Treaty suggests that the authors of the treaty nursed lingering doubts about its long term applicability due to rapidly changing technological scenario. A provision is therefore made in the treaty itself for its review with a kind of emphasis not seen in the earlier space treaties. The provisions of the treaty which are considered to be controversial and contentious are re-examined. This paper persuasively argues that these provisions are not as bad as they are perceived to be. The present paper makes a case for an urgent review by all concerned with 'a view to re-engineer the treaty as envisaged by the authors of the original treaty. The paper suggests that a first step towards this would be to strengthen the regime with wider acceptance in terms of renewed pursuit towards ratifications and accessions. In view of the impending technological onslaught on the moon for commercial exploitations, there is an urgent need to rework the treaty lest the legal regime becomes irrelevant. The paper concludes with a plea -'Let us Re-Engineer the Moon Treaty - Together, Quickly'.
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