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USSEC: European delays cost consumers and producers

 

The US Soybean Export Council says that European Union delays on approval of new biotech could potentially cost consumers and producers of soybeans $19 billion collectively over the next ten years. The council will send two separate delegations to Brussels and Belgium over the next couple of weeks to encourage EU officials to move the process forward.

Three products, developed by Bayer and Monsanto have been through required evaluations and have received a positive recommendation from the European Food Safety Authority, but have not been formally approved by the European Commission.

The commission has delayed to authorize the products for European markets, but has said repeatedly that approval would happen in the near future. Earlier this month, the US Soybean Export Council set a letter to the European Commission calling for approval of the biotech products. It’s the third such letter sent to the commission this spring.