India will now be able to claim compensation for use of the country's traditional knowledge to derive medicines by the developed world. This was decided at the 10th meeting of the Conference of the Parties to the Convention on Biological Diversity held at Nagoya in Japan on 29th October, 2010. During the conference, the delegates came up with a treaty and agreed to set up an International Regime on Access and Benefit Sharing of Genetic Resources. The treaty, a protocol to the main convention, lays down basic ground rules on how nations cooperate in obtaining genetic resources from animals to plants and fungi, said a statement issued by United Nations Environment Programme. Environment minister Jairam Ramesh has described the deal as a major achievement in the country's efforts to curb bio-piracy.
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