Foreign seed firms team up to oppose new India GM crop rules
Reuters
Published Aug 26, 2016 08:14AM ET
Foreign seed firms team up to oppose new India GM crop rules
NEW DELHI (Reuters) - Major international seed companies formed an alliance on Friday to oppose a proposal by India that would force them to share their genetically modified crop technology with local players.
Executives from the India businesses of Monsanto (NYSE:MON), Bayer (DE:BAYGN), Dow, Dupont Pioneer and Syngenta, which have formed the alliance, said seed prices should be set by the market rather than by regulation.
The show of solidarity comes after Monsanto, which pioneered the use of GM cotton in India, pulled an application for its next-generation product from the approvals process on concerns over the security of its intellectual property.
An executive from Bayer India said nobody would invest in research if the proposed introduction of compulsory licensing - which would force a company to share its intellectual property if the government so orders - is implemented.
India does not yet allow GM food crops, whose introduction could help reduce heavy import bills for items like edible oils that it needs to feed its huge and growing population. A domestically developed GM mustard product is, however, inching its way through the approvals process.
But political and public opposition to lab-altered food remains strong amid fears that GM crops could compromise food safety and biodiversity.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.