Cosmetics Industry Vulnerable As Nagoya Protocol Enters Into Force
This article was originally published in The Rose Sheet
Launching in October, the Nagoya Protocol on Access and Benefit Sharing and related legislation emerging around the globe will focus regulatory scrutiny on companies researching and developing plants and other genetic resources for commercial applications. The cosmetics industry could be a ready target, an expert says, urging firms to assess their supply chains and ensure that necessary ABS agreements are in place.
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The Nagoya Protocol on Access and Benefit Sharing comes into force this fall, as will an EU regulation instituting checks to ensure that firms conducting R&D on genetic resources are compliant with ABS laws in provider countries. With other countries around the globe developing their own legislation under the international treaty, cosmetics firms large and small must exercise due diligence, assessing their ingredient use and supply chains to avoid penalties and reputational damage.
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