Passage 1
The World Intellectual Property Organization (WIPO) treaty on intellectual property, Genetic resources and associated traditional knowledge, is a significant win for countries of the global South and for India, which is a mega biodiversity hotspot with abundance of traditional knowledge, and wisdom.
For the first time the system of knowledge and wisdom which have supported economies, societies and cultures for centuries are now inscribed into the global IP system. For the first time the connection between local communities and their GRs and ATK is recognised in the global IP community. These are historic achievements long championed by India as a provider of traditional knowledge and wisdom and repository of biodiversity.
The treaty will not only safeguard and protect biodiversity but will increase transparency in the patent system and strengthen innovation. Through this, the IP system can continue to incentivize innovation while evolving in a more inclusive way, responding to the needs of all countries and their communities.
Source – https://pib.gov.in/PressReleaseIframePage.
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Passage 2
India is poised to begin wheat imports after a six-year gap, to replenish depleted reserves and hold down prices that leaped following three years of disappointing crops, sources say, as the approaching end of general elections removes a key hurdle.
New Delhi is expected to abandon a 40% tax on wheat imports this year, officials and other sources told Reuters, paving the way for private traders and flour millers to buy from producers such as top exporter Russia, albeit in modest volumes.
As the new-season wheat harvest rolls in, the government is likely to wait until after June to scrap the import tax, in time for Russia’s harvest, the sources said.
Source- https://indianexpress.com/article/business/commodities/i
