This paper is divided into 2 parts. The first one is an overview of how the uses of Outer Space can prosper and vest Space Powers with economic, political and military supremacies and how satellites have become an essential component in our daily life. Its second part, which is also divided into 2 portions, identifies, in the first one, some of the lacunae, gray areas and flaws in the existing international Space Law, e.g. lack of authoritative criterion for the determination of where airspace ends and Outer Space begins; lack of comprehensive corpus of lex lata dealing with the rapidly accumulating multitudes of demised satellites and Space debris that jeopardize the security of the astronauts' life and Man's activities in Outer Space. Its second portion singles out and comments on the inequity for Third World countries in Space Law and State practices, e.g. defective regime and inequity for Third World countries in the allocation of orbital slots and physical access to geo-stationary orbit; the unethical and abusive exploitation of data on other countries secured via remote-sensing; and the restriction of opportunity for Third World countries to directly participate in the elaboration of Space Law coupled with recommendations on their remedial measures and rectifications.
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