The Honourable David L. Emerson, Minister of International Trade announced plans to put more than US$4.4 billion in…
The Honourable David L. Emerson, Minister of International Trade announced plans to put more than US$4.4 billion into the hands of Canadian softwood producers. The refund of duties to Canadian companies is part of the Softwood Lumber Agreement the minister signed with U.S. trade representative Susan Schwab in Ottawa on September 12, 2006.
“Canada’s new government is committed to the swift return of duty deposits to individual softwood producers, and to a level playing field for all companies benefiting from the agreement we have signed with the United States,” Emerson said. “As a next step in the process to implement this agreement, we have advised companies of the refund registration process and of their individual obligations under the unique mechanism that our government established to get billions of dollars to Canadian companies sooner.
Canada’s Department of Foreign Affairs and International Trade issued roughly 1,500 letters to softwood producers last week, outlining the details of the registration process.
For companies that participate in the deposit refund mechanism, Export Development Canada will purchase the rights to duties and interest owed to them eliminating the expected waiting period for U.S. customs to process refunds, a process that some estimates indicate could take up to two years.
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