There was no price difference between genetically engineered and conventionally produced cotton fibre and textiles, the recently concluded 62nd plenary meeting of the International Cotton Advisory Committee (ICAC) reported.
ICAC met in Gdansk, Poland, between September 7 and 12, 2003, with representatives from 42 governments and 5 international organisations participating. India will host the next plenary meeting in Mumbai in 2004.
ICAC concluded that historically low cotton prices in real terms in 2001 led to lower world cotton production and higher consumption in 2002-03.
As a result, ending stocks held globally shrank to their lowest level since 1994-95. Average cotton prices rose by approximately one-third. Nevertheless, cotton prices remained below the average level of the 1970s, 1980s and 1990s.
According to the Secretariat, world cotton use rose for the fourth consecutive year in 2002 and reached a record of 20.6 million tons, representing a cumulative 4-year gain of 2 million tons, or approximately 10 per cent. Nevertheless, cotton
