South Korea: Conclusion of business agreement on supply and demand of saury bait for fishing

Jeju cutlassfish fishing boat owners and the deep-sea saury industry have signed a win-win agreement to supply saury as bait for fishing. Until now, the Jeju cutlassfish industry has mainly used imported saury as there is no alternative bait other than saury when fishing for cutlassfish. However, due to the recent surge in import prices and a decline in resources, it has been difficult to supply bait for fishing. For this reason, there have been continuous calls for a reduction in the adjusted tariff imposed on imported saury to ease management burden. The Jeju Island Fishing Boat Owners Association, the Korea Ocean Industry Association (Saury Bong Net Fishery Committee), and the five fisheries cooperatives in Jeju Island (Jeju City, Hallim, Seogwipo, Seongsanpo, and Moseulpo Fisheries Cooperatives) that distribute and manage saury, the bait for cutlassfish fishing. signed a business agreement at the Jeju Provincial Office on the 16th. The main content of this business ...