Absolutely not. Condition 2 (bottom) insists any settlement of law NOT be undertaken, but "postponed" - indefinitely one assumes. Much less any new treaty for the law of the sea undertaken.
Personally, I hope neighbors around the South China Sea can eventually found a way to share the area once and for all without causing new conflict. Many treasures has been turned into shitty hot potatoes because of that sea already, that needs to stop.
Maybe this is a little over-simplified? Too many histories need to be dig into before the problem can be explained and understood completely. Let's hope those politicians will figure out how to solve it.