The Nagoya Protocol was signed at the end of last year, and represents an important move towards ensuring information is shared between nations on matters such as genetic resources.
The Nagoya Protocol will only be legally binding for the countries that do sign and ratify it. In addition, only countries that have signed and ratified the Convention on Biological Diversity are able to sign the Nagoya Protocol. In other words, countries such as the United States, which has not ratified the CBD, cannot sign or ratify the Nagoya Protocol. Countries that have signed and ratified the CBD, say Armenia or Finland, can choose to sign and ratify or not - in this latter case, countries would remain bound only by the overarching CBD provisions on access and benefit sharing. Finally, countries that sign and ratify the Nagoya Protocol will need to implement it through national legislation. With the Nagoya Protocol, the fair and equitable sharing of benefits has been reaffirmed as a fundamental component of biodiversity strategies. In addition, a set of rules has been agreed upon to facilitate, promote and ensure its effective implementation. For business, particularly companies using biodiversity as the source and inspiration for innovative ingredients for food and personal care products, the Nagoya Protocol will mean growing calls for measures to consider and put in practice fair and equitable benefit sharing. The Nagoya Protocol now clearly encompasses research and development to identify new bioactive compounds and natural ingredients for food, supplement and cosmetics products. The Nagoya Protocol will open for signatures on 1 February 2011, for one year, and enter into force 90 days after the 50th ratification.
