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The relationship between the principle of equitable and reasonable utilization and the obligation against causing significant harm has been the most challenging issue in the long history of the evolution of international water law. The purpose of this essay is to discuss the genesis of the debate on the relationship between the two concepts, present the opposing positions of the different riparians thereon, and clarify how the UN Convention on the Law of the Non-Navigational Uses of International Watercourses has resolved this matter and rendered the two concepts reconcilable.