Object of Act
3 Object of Act
(1) The object of this Act is to facilitate bioprospecting in the Territory.
The object is to be achieved by the following:
(a) promoting the conservation of biological resources in the Territory and the ecologically sustainable use of those biological resources;
(b) establishing an access regime designed to give certainty and minimise administrative cost for persons seeking to engage in bioprospecting in the Territory;
(c) establishing a contractual framework for benefit-sharing agreements to be entered into between bioprospectors and resource access providers for the use of Territory biological resources to ensure the equitable sharing of benefits arising from the use of those biological resources for biodiscovery;
(d) recognising the special knowledge held by indigenous persons about those biological resources;
(e) seeking to ensure that social, economic and environmental benefits arising from the use of Territory biological resources for biodiscovery accrue to the Territory;
(f) contributing to a nationally consistent approach to bioprospecting in Australia.
This Act’s bill:Explanatory statementSecond reading speech
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