The biodiversity treaty signed at the earth summit in Rio De Janeiro in June 1992 came into effect in December 1993.The earth summit,while agreeing that animal and plant resources belong to the countries where they grow,stated that these countries should get compensation rights for the resources taken out of them to develop new products.it was recognised that there should be equitable sharing of benefits arising from the use of traditional knowledge, skills and innovation.Access to genetic resources was designed to be on mutually agreed terms with prior informed consent of the providing country and commitment from the recipient to share the benefits arising from the utilisation of the resource.It also held that the developed countries using the genetic resources from the South to develop new technology should be ready to share technologies with third world.But most industrialised countries,under pressure from their transnational corporation who hitherto used germplasms from the South freely to develop new products,are still reluctant to accept all articles in the treaty.They feel that some of the articles , particularly those regarding the technology transfer and compensation rights ,are unacceptable.
