Sound, predictable, science-based regulations enable the delivery of innovation to the marketplace — and new agricultural innovations help grow more food in a sustainable way. In an interconnected global economy, food security relies on the ability of agricultural products to move efficiently between producers and consumers. Delays – including delays in innovations reaching the marketplace – impede global initiatives to improve food and nutrition security, advance economic prosperity, and increase the adoption of environmentally sound practices. Sound predictable regulations bring innovation to the marketplace — and both exporting and importing countries alike can benefit from new innovations.
A new study by Informa’s Agribusiness Consulting Group (Informa), The Impact of Delays in Chinese Approvals of Biotech Crops, quantifies the wide-reaching social and economic benefits both importing and exporting countries could realize if timely and functional regulatory systems were in place.
Timely approvals of biotech imports benefit both exporters and importers.
- Exporters enjoy economic gains, as well as indirect benefits such as growth in the agricultural and ancillary industries. Farmers benefit from adopting biotech seeds that are more productive and require fewer natural resources and can better adapt to climate change conditions.
- Importers benefit from having increased and diversified availability of food/feed crops, which help to ensure a safe and stable food supply, increased consumer choice, and reduced food prices in some geographies.
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