Abstract:The sustainable utilization and benefit-sharing of aquatic genetic resources (AGRs) is a key theme of the Convention on Biological Diversity, as well as an important topic in the negotiation on an international legally binding instrument under the Convention on the Law of the Sea on the conservation and sustainable use of marine biological diversity of areas beyond national jurisdiction. While there is consensus on its significance, the the value composition of AGRs becomes challenging to define since its connotation continuously evolves with technological progress and new applications. Different opinions on its value composition have resulted in divergence in the conceptualization and difficulties in international negotiation as well as the framing of key mechanisms in domestic law. In this context, this study aimed to analyze the value composition of AGRs from the perspective of value realization. Specifically, it developed an approach to define and evaluate the value of AGRs based on Total Economic Value (TEV) framework. To assess the value realization of AGRs, information was collected and analyzed through publicly accessible information. By categorizing and evaluating the means to utilize aquatic genetic resources, as well as its derivative and digital sequence information through the collected information, it could identify the value of AGRs. The result showed that the value of AGRs could be realized through five significant ways: commercial development, breeding, ecological use, management, and cultural value. For commercial development, the current use of AGRs was found in the fields of medicine, cosmetics and health. Combining the results with the TEV framework found that the means to realize the value of AGRs were not completely consistent with those of natural resources at the above-species level. The classic TEV framework could not be used to fully cover the value of AGRs, especially the value coming from the use of derivatives and digital sequence information. To better frame the TEV model and allow this classic model to fully contain the value of AGRs, this article proposed the modification of the TEV framework to meet the utilization of AGRs. The value of AGRs could be then composed of consumptive use value, non-consumable use value, selection value, existence value, and genetic value under TEV framework. The non-consumptive value would entail more connotation than analysis on the above-species level, such as the use of AGRs for breeding and management purposes. In comparison to resources above-species level, the value of AGRs might be reflected more on the non-consumptive level. Given the particularity of the value realization of AGRs, the modified TEV framework matched the current usage of AGRs more than the classic model and could effectively address the conceptual divergence in AGRs in the negotiation and mechanism design. With better-framed value composition of AGRs, it can lay a solid foundation for the value assessment of AGRs and promotes the establishment of a fair and reasonable benefit-sharing mechanism in an international forum.