South Korea: Acceptance of FTA direct payment applications for livestock farms in Gangwon-do

Published 2024년 7월 10일

Tridge summary

Gangwon Special Self-Governing Province will accept applications for direct payment support for damages from the 2024 Free Trade Agreement (FTA) by Korean beef farms in the province until the 9th of next month. The 'Direct Damage Compensation Payment System' will compensate some of the damage to items that have experienced a price drop due to a rapid increase in imports. Eligible farmers must visit the town/myeon/dong office with jurisdiction over the production area by August 9th and submit a payment application with relevant supporting materials. Each farm can receive up to KRW 35 million, and agricultural corporations can receive up to KRW 50 million.

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Original content

[Livestock News Reporter Hong Seok-ju] Gangwon Special Self-Governing Province will accept applications for direct payment support for damages from the 2024 Free Trade Agreement (FTA) by the 9th of next month for Korean beef farms in the province. The 'Direct Damage Compensation Payment System' is a system that compensates for some of the damage to items that have experienced a price drop due to a rapid increase in imports due to the implementation of the Free Trade Agreement. On June 26, the Ministry of Agriculture, Food and Rural Affairs announced that FTA damage compensation direct payments will be supported in 2024. Four items were finally selected, including Korean beef, beef cattle, Korean beef calves, and mung beans. Those eligible for direct payment are farmers who have been engaged in the production of Korean beef, beef cattle, and Korean beef calves before the effective date of the Korea-Canada FTA agreement (January 1, 2015), and those who directly produce and sell ...

Source: Chuksannews