Indonesia will ratify the Nagoya Protocol on access to genetic resources, fair and equitable sharing of benefits arising from their utilization, Vice President Boediono said on Monday
"The government has submitted a bill on ratifying the Nagoya Protocol," he said here.
He added that ratifying the protocol is essential for Indonesia as it is one of the world's genetic resource-rich countries.
"With the law, Indonesia will have a firm legal basis to protect and preserve its genetic resources and traditional knowledge related to genetic resources," he said.
In addition, the law will also serve as a legal basis for the country to prevent theft and illegal utilization of biodiversity.
It will also ensure the fair and equitable sharing of financial and non-financial benefits arising from the utilization of genetic resources and traditional knowledge related to genetic resources to the genetic resources provider based on a common agreement, he said.
The vice president said after ratifying the protocol, Indonesia will prepare a set of good operational instruments for the implementation.
The Nagoya Protocol was adopted by the Conference of the Parties to the Convention on Biological Diversity at its tenth meeting on Oct. 29, 2010 in Nagoya, Japan, the Antara news agency reported.
The protocol is aimed at sharing the benefits arising from the utilization of genetic resources in a fair and equitable way.