South Korea: Four products selected for FTA damage compensation direct payment

The Ministry of Agriculture, Food and Rural Affairs announced on the 12th that it has selected Korean beef, beef cattle, Korean beef calves, and mung beans as eligible for direct payment support for damages under this year's Free Trade Agreement (FTA) through an administrative notice. The Ministry of Agriculture, Food and Rural Affairs will receive objections regarding this administrative notice from May 13 to June 3. The items eligible for support will be confirmed and announced after deliberation in June. FTA direct payment is a system that compensates for a portion of the price decline for agricultural and livestock products that have suffered price declines due to increased imports due to the conclusion of an FTA. To activate, three things must be met: ▲domestic prices must be less than 90% of the average price, ▲import volume must be higher than average, and ▲import volume from FTA partner countries must be higher than average. The payment amount is calculated by subtracting ...