Development of trade in biotechnology has been a subject of intense policy debate all over the world, especially in the developing nations. Biotechnology offers new opportunities for significantly increasing the productivity of agriculture, reducing the cost of food production, and decreasing the environmental damage caused by agricultural practices. It also provides opportunities for the commercial development of novel, suitable, and biologically and genetically compatible medicines. The United Nations Conference on Environment and Development (UNCED) in 1992 brought biotechnology to global attention, after having understood the wide range of business and trade avenues that it provides. While advocating the safe use of biotechnology, it was acknowledged that biotechnology offers new opportunities for global partnerships and can contribute to sustainable development.