Abstract
Biological Resources, includes genetic resources, organisms or parts thereof, populations, or any other biotic component of ecosystems with actual or potential use or value for humanity. Convention on Biological Diversity (CBD) has evolved, from adoption of the text of CBD on 29th May 1992, its entering into force on 29th December 1993, during its long journey from COP1 to COP12 from Nassau, Bahamas to Pyeongchang, Republic of Korea. For Enhanced implementation of Strategic Plan for Biodiversity 2011-2020 to achieve Aichi Biodiversity Targets, the Pyeongchang Roadmap has been developed under Gangwon Declaration on Biodiversity for Sustainable development during October 2014. CBD has become a cohesive force taking issues related to people, benefit sharing, environment, sustainable development, conservation of resources all together as mandated by the core principles of CBD. In compliance with Convention on Biodiversity, the National Biodiversity Authority (NBA) was established in 2003 to implement India’s Biological Diversity Act (BDA) 2002 and Rules 2004. CBD according to Article 3 and 15 states sovereign right of a Nation to exploit its own resources. Compliance and arbritration by WIPO is discussed. The guidelines have been analyzed with respect to monetary benefits and how biodiversity has potential for product innovation is discussed.
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