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Abstract

Traditional Knowledge (TK) is a deep-rooted notion in the Indian culture, it is the knowledge that has been passed on for centuries and is governed by the traditional customary laws. It applies to everything from food storage, agriculture to medicine to the preservation of the environment. TK are protected by national or regional laws that provide limited protection. There have been various instances where Indian TK was patented outside India some of the examples are Turmeric, Amla, and Neem. TK is the base of modern science and technology, as it is derived from a strong cultural heritage that is vital for any country but it lacks the footing in urban jungles and that directs results in absence or lack of due credit. Today protection of TK on a global scale is being demanded by Third World countries. This paper will unfold various aspects of legal and economic dimensions for the protection of TK. The paper will analyze the paradox that TK is more likely to be relevant to the global south if the regions don’t find innovative ways of commercializing these products. Failure to do this will convert TK from an asset to a liability of the global south. The key reason for the need for international protection is that the rights allocated to the inventions are based on TK and Genetic resources. The author will explore the aspects of place-based IP-intensive goods in global consumer markets. The author will emphasize the idea that TK is the heritage of various cultures and they need to be respected and protected throughout the world and issues regarding access and use can be resolved through mutually agreed terms.

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