The Convention on Biological Diversity is a legally binding international treaty that represents a significant step forward in the conservation of biological diversity, the sustainable use of its components, and the fair and equitable sharing of benefits arising from the use of genetic resources. Inspired by the world community's commitment to sustainable development, the Convention was opened for signature on June 5, 1992, at the United Nations Conference on Environment and Development (Rio "Earth Summit") and entered into force on December 29, 1993. It has three main objectives: the conservation of biological diversity, the sustainable use of its components, and the fair and equitable sharing of the benefits arising out of the utilization of genetic resources.