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Geographical Indications have evolved in recent years to protect indigenous knowledge in the agrifood sector without hampering the ethos of free trade. Supporters regard them as useful tools for protecting national property rights and offering new export opportunities, while opponents consider them as barriers to trade. This article provides theoretical justifications for them, based on insights from the New Institutional Economics, and cites Darjeeling tea and Basmati rice as Indian examples highlighting some of their dynamic institutional aspects. The new legal framework for GIs is mainly based on the international level. [ABSTRACT FROM AUTHOR]