South Korea: Selection of oats as the item for direct payment of FTA damage compensation

Published 2021년 4월 22일

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs in South Korea has announced that oats will be the target of direct payment for damage compensation under the Free Trade Agreement (FTA) this year. This payment is made to offset the price drop of domestic agricultural products due to increased imports. There is no target for business closure support benefits for oats. The ministry will receive objections from farmers and producers' organizations during the administrative notice period, and the direct payment for damage compensation and the items subject to business closure support will be confirmed after deliberation by a support committee.

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Original content

(Seoul = Yonhap News) Reporter Eunji Go = This year, oats were selected as the target of direct payment for damage compensation in the Free Trade Agreement (FTA). The Ministry of Agriculture, Food and Rural Affairs announced on the 22nd that it is an administrative notice on the 23rd to May 12th of the 2021 FTA damage compensation direct payment and the selection of items subject to business closure support. Damage compensation direct payment is an amount paid to compensate for a portion of the price drop when the price of domestic agricultural products falls below a certain level as imports increase sharply due to the conclusion and implementation of the FTA. The business closure subsidy is an amount equivalent to net profit for three years if it is deemed difficult to continue cultivation and rearing due to the FTA. Both are determined in accordance with the procedure of the'Special Act on Support for Farmers, Fisheries, etc.' The Korea Rural Economic Institute FTA ...

Source: Yna