Does the approval system have an impact on innovation?
Developing new GM crops requires significant investments of time and resources. Logically, companies must focus their investments mainly in jurisdictions with workable and predictable approval systems. The ban on most GM cultivation in Europe puts European agriculture at a competitive disadvantage compared to agriculture in the Americas, for example, and increases Europe’s import dependency. It has been estimated that European farmers could increase their annual revenues by up to nearly € 1 billion if they were allowed to cultivate GM crops, such as maize, cotton, soybeans, oilseed rape, and sugar beets.