Softwood Deal Ready

By 250 News

The softwood lumber deal missed its initial implementation date of October 1st, but will go into effect on the 12th.  That's the word from Trade Minister David Emerson:

“Through flexibility, understanding and cooperation, both countries have successfully met all the requirements necessary to implement the Softwood Lumber Agreement next week, and have found a satisfactory resolution to the outstanding legal and administrative issues."

Emerson made the announcement late this afternoon saying  producers will soon get their share of the $5 billion dollars worth of duties that are being returned. “ I am pleased to confirm that the Export Development Canada duty refund mechanism is in place and moving forward."   That mechanism ensures companies will get 81% of the dollars they paid in duty.

Emerson says the deal ends  "costly litigation" which was also cited by some as the reason the initial deadline wasn't met, as some companies either couldn't (or wouldn't) drop their legal action against the U.S. in time for the implementation of the deal. 

The trade Minister says this deal  is broader in scope as it establishes a "new era of respect and cooperation with our most important trading partner."

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