Korea ratifies benefit sharing of genetic resources

By Kim Se-jeong

Korea has ratified the Nagoya Protocol on Tuesday that allows access to genetic resources and shares benefits from the uses of those resources.

At a government cabinet meeting on Tuesday, members approved ordinances to the domestic laws governing access to local genetic resources and sharing benefits. The law will go into effect Aug. 17 with a one-year grace period.

With the new law in place, foreign parties and companies that wish to commercialize genetic resources found in Korea must report and share part of their proceeds with the Korean government. Genetic resources refers to all living species. Given that Korea has practiced Oriental medicine, herbs can be potential beneficiaries of it.

International talks on equitable sharing of genetic resources had been around for decades. In October 2010, the Nagoya Protocol was adopted. Korea signed the protocol in 2012 and completed the domestic process to implement it this week. Almost 50 countries have also done so.

Domestic pharmaceutical and cosmetic companies will not be affected by Tuesday’s move but they’ve been keen on developments in China, from which they have for long taken genetic resources for making products.