Balancing the traditional and the modern.

The article emphasizes the need for balance as biological resources can provide commercial opportunities but their importance for local communities must also be respected. With the enactment of the Biological Diversity Act 2002 in April 2004, India is on the verge of striking a balance between the traditional and the modern knowledge systems. The preamble to the Trade Regulation for Intellectual Properties emphasizes that Intellectual Property rights are "private rights" available to legal persons, implying that rights are not owned by communities, states or nations--the only exception being the rights conferred by geographical indications.