Ministry of Agriculture, Food and Rural Affairs provides FTA damage compensation to Korean cattle and beef farms

Published 2024년 6월 27일

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs in South Korea has announced four agricultural products; Korean beef, Korean beef calves, beef cattle, and mung beans, as the recipients of direct payment support to counter the effects of Free Trade Agreements (FTAs) for the year. This initiative is designed to partially compensate farmers for price drops resulting from increased income due to FTAs. Farmers who were producing these items before the agreement's effective date are eligible for this support. They can apply for the support at their local government offices by August 9th.

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Original content

(Seoul = Yonhap News) Reporter Shin Seon-mi = The Ministry of Agriculture, Food and Rural Affairs announced on the 27th that it has selected four items, including Korean beef, Korean beef calves, beef cattle, and mung beans, as targets for direct payment support to compensate for damage from the Free Trade Agreement (FTA) this year. The direct payment to compensate for FTA damage is a system that provides partial support to farmers who have suffered damage from price declines due to increased income due to the implementation of the FTA. Those eligible for direct payment are farmers who were engaged in producing the relevant item before the effective date of the agreement. Farmers wishing to receive support can apply at the town/myeon/dong office with jurisdiction over the production area of the item eligible for support by ...

Source: Yna