India has very rich biodiversity and enjoys the privilege of having time-tested traditional systems of medicine viz. Ayurveda and Unani based on natural products, Modem pharmacopoeia also contains at least 25% drugs derived from plants and analogue built on prototype compounds isolated from plants. So far, 180 potential plant species have been identified to obtain bioactive molecules of therapeutic and agricultural applicability. traditional medicine is defined by WHO as health practices, approaches, knowledge and beliefs incorporating plants, animals and minerals based medicines, spiritual therapies, manual techniques and exercises, applied singularly or in combination, to treat, diagnose and prevent illnesses or maintain well-being (WHO, 2003). The conclave on traditional Medicine organized by the department of AYUSH in collaboration with NISCAIR (CSIR) at New Delhi covered the thematic areas on which deliberations took place viz., harmonization and international cooperation in the area of Traditional Medicine; Standardization, Quality control and safety of Traditional Medicines Regulatory and trade aspects of Traditional Medicines; Traditional Knowledge Protection and IPR issues. Some 550 delegates participated in the deliberations of conclave representing SAARC, BIMSTEC, IBSA and APTMNET which include Afghanistan, Bangladesh, China, India, Indonesia, Iran, Malaysia, Magnolia, Nepal, Philippines, Republic of Korea, Singapore, South Africa, Sri Lanka, Thailand and Vietnam.