Summary
The Proposal for a Regulation of the European Parliament and of the Council aims to prevent the importation and exportation of commodities and products associated with deforestation and forest degradation in the European Union. The proposed regulation would require companies to conduct due diligence on their supply chains and ensure that the products they import or export do not contribute to deforestation or forest degradation. The proposed regulation repeals Regulation (EU) No 995/2010 and establishes new provisions, such as the requirement to obtain a license for the import or export of certain products, including soy, palm oil, and beef. The proposed regulation also aims to promote sustainable land use practices and establish a level playing field for companies operating in the EU market. The objective of the proposal is to reduce the EU's contribution to global deforestation and promote responsible production and consumption practices.