FTA damage compensation direct payment ‘Korean beef, beef cattle, Korean beef calves, mung beans’ finally selected

The Ministry of Agriculture, Food and Rural Affairs announced on the 27th that it had finally selected four items, including Korean beef, beef cattle, Korean beef calves, and mung beans, as eligible for direct payment support under the Free Trade Agreement (FTA) in 2024. The FTA Damage Compensation Direct Payment System is a system that compensates a certain portion of the price drop to farmers and agricultural corporations producing items whose prices have fallen due to the rapid increase in imports of agricultural and livestock products due to the implementation of the FTA. Direct payments to compensate for damage are paid within the range of 95% of the current year's domestic price drop compared to the base price, taking into account the contribution to imports. Import contribution is a quantification of the impact of the increase in imports due to the implementation of the FTA on the price decline. The import contribution of the four items selected this time is 29.3% for ...