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With respect to the ‘EU Deforestation-free Regulation (EUDR)’, consider the following statements:
  1. It aims to limit deforestation caused by forestry and agricultural activities.
  2. The Regulations will apply only to the products supplied from the European Union.
Which of the statements given above is/ are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
With respect to the ‘EU Deforestation-free Regulation (EUDR)&rsq...
  • The EU Deforestation-free Regulation (EUDR) is the new European Union (EU) initiative to limit deforestation caused by forestry and agricultural activities all over the world.
  • The legislation seeks to prohibit products, such as palm oil, coffee, cattle, cocoa, rubber, soya, timber, printing paper and derived products in the EU that came from the land that was deforested after December 31, 2020.
  • The rules cover imports and domestic production. Four levels of penalties have been planned for any violations of this norm, which include monetary fines up to 4% of a firm's annual turnover in the EU, confiscation of products, confiscation of revenues gained from a transaction and exclusion from the public procurement processes.
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