Therefore, our European markets remain at risk as long as U.S. and European approval processes are on entirely separate tracks. This is exactly the problem U.S. corn exports encountered this year. Repetition of these problems year after year will further harm U.S. agricultural exports and the incomes of producers, processors, and exporters, but that is exactly the risk we face if we do not find a long-term solution. The EU is an important market for U.S. agricultural exports. We cannot afford to let problems created by regulatory processes shut us out of the EU or any other market around the world.
Biotechnology has to be a high-priority action item on the TEP agenda.
We are encouraged that biotechnology regulatory issues were specifically mentioned when the TEP was announced at the U.S.-EU Summit in May. In our view, the most important ingredient for progress on these issues is political will. Regulatory officials in the United States and Europe have been discussing these issues for years. However, regulatory officials cannot resolve the issues if the political will to find a solution is lacking. If the political cooperation that was demonstrated at the U.S.-EU Summit is extended to the discussions on biotechnology under the TEP, we believe the regulatory process can be substantially improved without undermining legitimate national objectives of protecting public health and safety.