Venezuelan President Hugo Chavez Frias has announced that the cultivation of genetically modified crops will be prohibited on Venezuelan soil, possibly establishing the most sweeping restrictions on transgenic crops in the western hemisphere.

Though full details of the administration's policy on genetically modified organisms (GMOs) are still forthcoming, the statement by President Hugo Chavez will lead to the cancellation of a contract that Venezuela had negotiated with the US-based Monsanto Corporation.

Before a recent international gathering of supporters in Caracas, Chavez admonished GM crops as contrary to interests and needs of the nation's farmers and farmworkers.

He then zeroed in on Monsanto's plans to plant up to 500,000 acres of transgenic soybeans in Venezuela.

"I ordered an end to the project," said Chavez, upon learning that GM crops were involved. "This project is terminated." (SOURCE: Venezuelanalysis. com)