Indonesia, EU Move To Stop Illegal Wood Trade

Washington, DC, May 10, 2011 --  Indonesia and the European Union have finalized an agreement aimed at ending the trade in illegally-sourced wood, according to the BBC.

The agreement, known as a Voluntary Partnership Agreement, will mean that EU companies will only be able to import timber that is certified as complying with Indonesian environmental laws.

The EU has reached similar agreements with four African countries, and Liberia is expected to follow suit next week.

Currently, European countries import about $1.2 billion worth of timber and paper from Indonesia each year.

The story indicated that 40% of the timber harvested in Indonesia was illegal.

Companies wanting to export to the EU will have to be able to track their products from forest to exporting port, similar to the requirements of the Lacey Act in the U.S.