A new white paper shows that a three-year postponement in global approval of biotech-enhanced soybean traits any time in the next 10 years would cost farmers and consumers a total of nearly $19 billion, compared with typical approval timelines.
This new research was released during a recent International Soybean Growers Alliance (ISGA) mission. Farmer-leaders from the United States, Argentina, Brazil and Paraguay met with Chinese governmental officials and influencers to discuss the economic implications of these delays for global producers and consumers of soy.
Farmers in large soy-exporting countries that quickly adopt new technology — the U.S., Brazil and Argentina — and consumers in large importing countries —China and the nations in the European Union — have the most to lose from delayed approvals, according to the white paper.
As an example of important biotech approvals that farmers might need in the near future, the study examined herbicide-tolerance traits and analyzed the effects of approval delays through 2025.
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Regulatory delays have real costs for society. For example, when new biotech herbicide-tolerant varieties are not approved in a timely manner, farmers continue to incur increased weed-control costs, potential yield losses and reductions in acreage. Some farmers may see greatly increased production costs or be forced out of farming entirely. At the same time, higher prices and reduced supplies strain consumers.
The GLP aggregated and excerpted this blog/article to reflect the diversity of news, opinion and analysis. Read full, original post: Global Soybean Stakeholders Monetize Biotech-Approval Delays
