The Economic Consequences Brought By The Banning Of Gmos

1426 Words Dec 1st, 2015 6 Pages
The economic consequences brought by the banning of GMOs in the EU
Biotechnology, according to the biotechnology industry organization, is a way that “harnesses cellular and biomolecular processes to develop technologies and products.” The most common and well-known type of biotechnology in the food system is genetic engineering, which refers to the manipulation of an organism’s genome. Some of the food we consume today are genetically modified. The most well-known genetically modified organisms (GMOs) are corn and soybeans. Monsanto, being a leading producer of genetically engineering seed founded in America, contributed to a large amount of genetically modified crops produced in the United States as well as in other countries which supported biotechnology. Meanwhile, on the other parts of the world, the European Union (EU) expressed strong disapproval of GMOs. In fact, this paper is going to investigate into the economic consequences brought by the banning of GMOs in the EU in various ways.
In order to examine the consequences of banning GMOs, it is essential to examine the reasons why the EU has made the decision to ban GMOs. Based on the precautionary principle of GMOs embodied in the EU legislation, “the EU and its Members are required to take measures to prevent adverse effects on human health and the environment that may occur owing to the intentional release of GMOs into the environment or the marketing of and import into the EU of GMOs or products made from GMOs.”…
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