Australia's Parliament today passed laws banning the importation and trade of illegally logged timber, according to New Zealand.
The Australian government estimates that about 10 percent of the more than $4.12 billion of timber imported annually is illegal and that illegal logging globally causes environmental and social damage estimated at $60 billion a year, Reuters reported.
"The illegal timber trade is a trade that benefits no one. It risks jobs, it risks the timber industry, and it risks the environment," Australian Forestry Minister Joe Ludwig said.
Australia now joins the European Union in having laws on the books intended to stop trade in illegal timber.
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