Canada-U.S. extend softwood lumber agreement
Friday 27 Jan 2012Canada and the United States have agreed to extend their agreement on softwood lumber by two years. Trade ministers from both countries made the announcement on Monday at a ceremony in Washington, D.C., assuring some level of peace in what has been the most serious irritant in the generally good relationship between the two countries.
Under the 2006 lumber agreement, the U.S. agreed to stop imposing duties designed to deter unfair practices, and Canada agreed to apply export charges and volume limits on U.S. shipments when wood prices fell below a certain level. The agreement is being extended without changes, according to a statement from the U.S. Trade Representative’s office.
The countries decided in December that an extension of the current seven-year agreement would be preferable to new negotiations. With the extension, the deal will be in force until 2015.
Copyright 2004-2023 © Innovatek Ltd. All rights reserved.