Abstract: This Article examines the World Intellectual Property Organization ("WIPO") Treaty on Intellectual Property, Genetic Resources and Associated Traditional Knowledge ("GRATK treaty" or "treaty"), the first international intellectual property ("IP") instrument that formally acknowledges Indigenous Peoples and Local Communities and the genetic resources ("GRs") and traditional knowledge ("TK") they develop and steward. The treaty requires utility patent applicants to disclose the country of origin or the source of the GRs and associated TK on which the claimed inventions are based. While it stops short of creating substantive rights, the treaty is an important extension of the global IP architecture and a model of how its internal processes can be effectively leveraged by weaker states. The Article highlights several promises of the GRATK treaty: It enshrines the symbolic and moral claims of Indigenous knowledge systems, expands prospects for economic value by facilitating benefit-sharing agreements across international regimes, strengthens the public interest in the patent system, and paves the way for innovation through hybrid knowledge frameworks that draw from diverse epistemological traditions. As the GRATK treaty moves toward ratification and implementation--two milestones that face significant hurdles--realizing its potential will require sustained attention to the design of enforcement mechanisms, a focus on the structural challenges posed by accelerating technological change, and a deeper reckoning with the role of communal knowledge in transnational innovation. Despite the substantial challenges ahead, the GRATK treaty marks a historic evolutionary step in the dynamics that have shaped contemporary global IP lawmaking and begins to address longstanding inequities in how innovation is recognized, rewarded, and regulated across diverse knowledge and cultural contexts.