Beginning with Brazil and the US, biofuels are being produced in a growing number of countries at large scale. Jobs are created in rural areas, air quality improves in urban areas, global warming is mitigated, oil imports decrease, and foreign exchange is saved. Nevertheless, the expansion of biofuels in large scale raises concerns about the environmental impact at the production sites, the competition with food supplies, the threats to existing eco-systems such as the rain forests, etc., and maintaining fair social standards. Not every country in the world should be producing biofuels. Only a discrete number of countries should engage in biofuels production, mainly in the developing world. But, all countries can benefit from consuming biofuels. All energy commodities today are traded internationally, without restrictions, except biofuels. Interested countries must discuss and agree on a Global BioPact, to promote unimpeded international trade of biofuels within the bounds of sustainable production, transport, and use. Such trade will improve the economic, social, and environmental sustainability of biofuels.