EU to revise agriculture policy for better use of funds

LONDON, Oct 11 (Commodity Online): European Union (EU) got an unique opportunity to reform the EU's Common Agricultural Policy (CAP) and to utilise the fund in better ways as the higher commodity price has made the farmers less dependent on government support. According to the new report by the Organisation for Economic Co-operation and Development (OECD), the European support to farmers has gone down substantially over the past 20 years. Farmers earned 22 per cent of total annual receipts from government support in 2008-10, down from 39 per cent annually over the 1986-88. "Expected growth in demand and higher real commodity prices offer tremendous opportunities for farmers and government alike," said Ken Ash, OECD director of Trade and Agriculture, during the launch of the report. As per the existing policy, the large farm lands get large part of the income support despite above average income they receive. Now a window has opened to revisit the policy and make necessary changes.s