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Brazil's Senate approves public hearing on cotton issue
24
Feb '14
Senator Moka (R)(c: Senate Agency/Jose Cruz)
Senator Moka (R)(c: Senate Agency/Jose Cruz)
The Committee on Agriculture and Agrarian Reform (CRA) of Brazil’s Senate has approved the request for public hearing on a new US law that could affect Brazilian cotton production, the Senate Agency reported.
 
The application for public debate on cotton issue was put forward by Senator Waldemir Moka. Senators discussed the threat to cotton production in Brazil due to a new Farm Bill that will come into force in the US.
 
Senator Maggi explained that the new Farm Bill ensures that the US cotton farmers would get an income even when there is no production. This clause may stimulate production of cotton in marginal areas, leading to the flooding of the market with American cotton, and hurting Brazilian production.
 
Senator Moka reminded the House about the World Trade Organization’s (WTO’s) decision imposing fine on the US due to its protectionist law related to cotton crop. As the US has failed to pay its amount due to the Brazilian Cotton Institute (IBA) since last year, Senator urged the Brazilian Government to take a firm decision.
 
Senator Ana Amelia then proposed the requirement that the CRA participate in a joint public hearing scheduled for March 13, 2014, to hear the director general of the WTO, Roberto Azevedo, along with the Committee on Economic Affairs (CAE) and Foreign Relations (CRE), the Senate Agency reported.
 
The new Farm Bill, passed by the US Government earlier this month, eliminates agricultural subsides, but creates an insurance program for crops, called the Stacked Income Protection Plan (Stax), which covers 70 percent to 90 percent of losses of farmers. Moreover, there is also a provision for the US Government to subsidize 80 percent of the spending on Stax.
 

Fibre2fashion News Desk - India

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