The purpose of this chapter is to examine the importance of traditional knowledge (TK) and genetic resources to Indigenous and local communities (ILCs). In the next pages is a broader explanation of the value of TK and genetic resources, as well as examples of industries that depend on access to genetic resources and TK. This chapter will also provide an examination of the threats to access to genetic resources and TK on the part of ILCs, tracing the development of international property rights (IPRs) in this domain. Moreover, there is a survey of the international regimes relating to the protection of TK and access to genetic resources, studying treaties and other international instruments. Incompatibilities can sometimes be observed between IPRs and TK, as well as gaps in the current protections and regimes in place, which will also be examined in this chapter. Finally, the chapter will present case studies in Africa and South America relating to TK and the economic development of ILCs, particularly in the area of agroecology.