Some countries limit the actual deforestation directly: for example, Article 5 of the Bhutanese constitution from 2008 provides broad environmental protection and mandates that at least 60% of the country shall be forest at all times.
Limmiting procurement should incentivize non-deforistation where as a simple ban would likely just shift deforestation to other countries. But alas, the current title is more sensational.
Like giving them a billion dollars, too?
That's amazing. I wish more countries would do that. I'd like to see new "old" growth forests in Canada and the US. (We have three in Ontario, but Ontario is huge and there could be more)