South Korea: Herring included in FTA direct payment support target

Published 2021년 7월 26일

Tridge summary

The Ministry of Oceans and Fisheries in South Korea has announced that herring will be covered under the Free Trade Agreement (FTA) damage compensation system and business closure support system. These systems were introduced in 2008 with the Korea-US FTA and provide financial support to fishermen affected by the implementation of FTAs, including price drops due to increased seafood imports and difficulties in maintaining catch, collection, and aquaculture. Last year, these systems provided about 1.9 billion won in direct payment for damage compensation for five items: sea urchin, shrimp, mindae, horse mackerel, and kiwi. Herring producers and fishermen can apply for these supports by the end of August.

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Original content

Herring was selected as an item subject to the FTA (Free Trade Agreement) damage compensation system and business closure support system. The Ministry of Oceans and Fisheries selected one herring item as the target of this year's FTA damage compensation direct payment system and business closure support system. The direct payment for damage compensation system compensates fishermen who have suffered a price drop due to a sharp increase in the amount of seafood imports due to the implementation of the FTA, and the business closure support system makes it difficult to maintain catch, collection, and aquaculture due to the implementation of the FTA. It is a system that supports subsidies in the event that recognized fishermen close their business. The direct payment system for damage compensation in the fishery sector and the business closure support system were introduced in 2008 with the Korea-US FTA as an opportunity. Support for items that meet the actual support ...

Source: Susantimes