Not many people are aware that there are two Talmuds: the Babylonian Talmud and the Jerusalem Talmud. When we speak of and quote the Talmud, we almost always are referring to the Babylonian Talmud, which is simply called "The Talmud."
The Jerusalem Talmud is a separate work, which includes teachings of the Torah-sages of the land of Israel (Palestine) of the 3rd to 5th centuries CE. Its significance is that: 1) It includes many Torah-sayings that are not repeated in the "regular" Talmud, which are valuable in their own right; and 2) Whenever the Jerusalem Talmud states a decision or clarification in Torah-law that is not contradicted by the Babylonian Talmud, its decision is part of Jewish law.