Abstract: The notion of bioeconomy has been gaining traction within the global policy discourse on sustainable development and climate change in the 21st century. Essentially referring to an economic production model based on sustainable use and conservation of biological resources, the activities in a bioeconomy are propelled forward by advances in fields including modern biotechnology and Synthetic Biology. The growing interest in this evolving policy paradigm has been evidenced by several countries from the Global North as well as the Global South proceeding to craft bioeconomy strategies in light of their respective capabilities. In recent times, this translated to the Brazilian Presidency of the G20 in 2024 initiating the G20 Initiative on Bioeconomy (GIB), resulting in the G20 nations agreeing upon ten highlevel principles accommodating diverging bioeconomy policy visions. While the G20 Rio Summit represented a starting point for building consensus on the various dimensions of the paradigm, nuances within global bioeconomy governance including for formulating sustainability standards and measurement frameworks to facilitate trade in bio-based resources, were taken up during South African G20 Presidency in 2025. This discussion paper seeks to critically analyse the evolving global policy trends in bioeconomy while outlining the convergences and divergences among bioeconomy strategies formulated by OECD and non-OECD countries. The emerging academic and policy discourse on the subject have been captured. It shall attempt to situate India’s bioeconomy vision and priorities within the global context. It finally identifies specific areas in which the G20 and other multilateral bodies should prioritise to carry the policy discourse forward.