Step 1: Read the question.
How did the 1994 Agreement change the original Part XI of UNCLOS III?
Step 2: Recall Part XI.
Part XI set up rules for the deep seabed, called the Area, treating it as the common heritage of mankind.
Step 3: Note the problem.
Industrialised nations disliked the strict, centralised mining rules and refused to join, fearing heavy burdens on their companies.
Step 4: See the fix.
The 1994 Agreement reformed the deep-sea mining regime in a more market-friendly way to bring industrialised states on board.
Step 5: Eliminate the others.
It did not abolish the Exclusive Economic Zone, did not transfer the High Seas to the UN, and did not ban all fishing in the Area.
Step 6: Conclude.
It modified the deep-sea mining regime to bring in industrialised states.
Answer: It modified the deep-sea mining regime to facilitate the participation of industrialized states.