On June 29, 2023, the European Union’s new Deforestation Regulation officially entered into force, triggering new obligations for companies importing products into the European Union beginning December 30, 2024. The aim of the regulation is to reduce forest degradation worldwide, while also mitigating the effects of climate change. However, the order will place additional burdens on companies in many industries, particularly agriculture.
For operators and traders outside the European Union (including Latin American entities) the Deforestation Regulation will require compliance with new standards for products being sold in the European Union—standards that will, in turn, require new, mandatory due diligence protocols and reporting obligations.
Please join Mayer Brown International Trade Partner Nikolay Mizulin as he discusses the Deforestation Regulation, and how companies doing business in the EU market should assess their internal due diligence and reporting procedures in order to be in compliance by the date the Deforestation Regulation takes effect.
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