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Monsanto chief admits biotech locked out of Europe, Brazil over short term

(Aug. 21, 2002 -- CropChoice news) -- Biotechnology giant Monsanto doubts that it'll receive approval for its genetically engineered seed varieties in Europe or Brazil for at least four years. That reality represents a blow to its plans to expand beyond the United States, where most of the worlds genetically engineered crop varieties, mainly soybeans and cotton, are raised.

Hendrick Verfaillie, Monsanto chief executive, told the Financial Times newspaper that the slow pace of regulatory approval could lead to cuts in research on new biotech crop varieties.