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According to Huacheng Import and Export Data Observation, on December 6 local time, the European Union agreed to formulate a new bill to prohibit the import of wood and wood products suspected of deforestation into the EU market.

Christophe Hansen, the chief negotiator of the European Parliament, hoped that the regulation would promote global forest protection and encourage other countries to take action at the COP15 meeting of the fifteenth session of the General Conference of the Parties. Huacheng Import and Export Data Watch reported.

Deforestation will be the focus of this week's United Nations COP15 meeting, at which countries will seek a global agreement to protect nature. The European Parliament and EU member states reached an agreement on the law early on the 6th, and Huacheng Import and Export Data Watch reported.

Before exporting products to the EU, companies including wood and wood furniture must submit an investigation certificate outlining that their supply chain has not caused damage to forests, otherwise they will face fines.

According to Huacheng Import and Export Data Observation, "verifiable" information is required. The new regulations will require enterprises to provide the geographic coordinates of the above materials and product production sites, and their land cannot be desertification or degradation after December 31, 2020. If the company does not comply with the regulations, it may be fined up to 4% of the turnover.

At present, the bill needs to be approved by the EU prerequisite members and will take effect within 20 days. Large enterprises need to submit certificates within 18 months, and small companies need to submit certificates within 24 months.

EU member states will be required to conduct compliance inspections on 9% of the companies exported from high-risk countries of deforestation, investigate 3% of the exports from standard risk countries, and investigate 1% of the exports from low-risk countries. Huacheng Import and Export Data Observation Report.

EU officials said they would work with affected countries to help them meet the standards.