The European Parliament approved a landmark deforestation law on Wednesday that will ban imports into the European Union (EU) of coffee, beef, soy and other commodities if they are linked to the destruction of the world's forests.

The law will require companies that sell goods into the European Union to produce a due diligence statement and "verifiable" information that their goods were not grown on land deforested after 2020, or risk hefty fines.

The law still needs formal approval from EU countries - a process that typically waves through pre-agreed deals on laws - before it can enter into force. Large companies would have 18 months to comply, and smaller firms 24 months. (Reporting by Kate Abnett; Editing by Sudip Kar-Gupta)