Richard Fisher, Dallas Federal Reserve Bank President, recently suggested to a gathering of farmers that they should begin to consider reaching an international standard for evaluating genetically modified crops.
Since mid-November, China has rejected nearly two million tons of corn from the US because it was an unapproved variety, MIR 162, made by Syngenta. US exporters had hoped that the Chinese officials would “look the other way,” as the corn variety has been approved in other markets–Japan, South Korea and Russia–that have strict approval laws for GM crops. Even the European Union, which is “notoriously slow in approving crop varieties,” has approved MIR 162.
“I have no desire to enter into any arguments with greens and environmentalists,” Fisher said to the farmers, “I simply wish to suggest that you might consider ways to reach internationally agreed-upon standards to GMO enhancement.”
China is the third largest importer of corn from the US.
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