In June 2023, the European Union announced plans to adopt the EU Deforestation-Free Regulation (EUDR), which mandates the trade of commodities (e.g. coffee, cocoa, beef, soy, rubber, timber, and palm oil) in and out of the EU market to prove that they do not originate from a newly deforested land after December 31, 2020. Big firms have until December 2024 to apply the new rules, while small and medium-sized firms have until June 2025. Failure to comply may result in fines, confiscation of products or revenues, or products being banned from the EU market.