Although most of the Genetically Modified (GM) crops cultivated now are genetically engineered for a single trait, in future, crops genetically engineered for more than one trait will be the norm. Thus, biotechnology's role in agriculture and the regulation of the same cannot be understood solely in the context of the current generation of GM crops. Instead, there is a need to take a comprehensive look, taking into account various aspects, including socio-economic impacts, so that the potential of the technology can be harnessed while minimizing negative impacts. Given the importance of biotechnology in developing varieties that can help in climate change mitigation and adaptation, not using biotechnology as a part of the climate change action plan cannot be an option. Domestic regulation of biotechnology cannot be viewed in isolation of trade policy and obligations under various international treaties and conventions.