This research critically analyse the existing international intellectual property regime with regard to protection of Genetic Resources (GRs) and Traditional Knowledge (TK) in respect of developing countries. It further discusses access and benefit-sharing (ABS) law and its agreement and the implications of such agreement for developing countries and the extent of effectiveness of the existing IIP regimes specifically on the protection of GRs and TK. Developing countries, such as Ethiopia, are considered to be rich in GRs and the associated TK. It is to their disadvantage in such cases that the current IIP regime is not able to protect GRs and TK, and to date, the international intellectual property regime has failed, permitting excessively broad patents over genetic biodiversity. The study also seeks to address the bearing of international intellectual property regimes on access and benefit sharing to biodiversity resources and associated knowledge. It then argues that there is an inherent gap in the current international intellectual property (IIP) regime with regard to GRs and TK, and unless IIP regime is revised in a manner that gives protection to GRs and TK, developing countries will remain disadvantaged.