South Korea: Selected oats as the target of direct payment for damage compensation from this year's FTA

Published 2021년 6월 15일

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs in South Korea has decided to include oats in the list of crops for the direct payment for damage compensation under free trade agreements (FTAs). This means that farmers who have suffered losses due to these FTAs will receive 100% of their income from oat production. The application period for this subsidy will be from the 16th to the 16th of July, and the final payments and subsidy amounts will be decided in September. The ministry will conduct a detailed investigation into each case to determine the amount of subsidy. Additionally, the ministry will stop the closure subsidy payment policy from this year.

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Original content

(Seoul = Yonhap News) Reporter Ko Eun-ji = The Ministry of Agriculture, Food and Rural Affairs announced on the 15th that it had selected oats as the target of this year's free trade agreement (FTA) direct payment for damage compensation. The target of the direct payment for damage compensation is determined according to the procedure stipulated in the 'Special Act on Support for Agricultural and Fishermen Following FTA', and the contribution of oats to income is 100%. There is no target for the closure subsidy. In addition, the closure of business subsidy payment policy will be implemented for five years from December 20, 2015, the effective date of the Korea-China FTA, which will end this year. The Ministry of Agriculture, Food and Rural Affairs plans to receive applications for direct payment from farmers from the 16th to the 16th of July. Farmers who produced oats last year, etc., can file an application for payment of direct payment for damage compensation and proof of ...

Source: Yna