South Korea: Direct payment for damage compensation to fish producers of clams, eels, anglerfish, and mussels

Frozen Mussel

Frozen Goosefish

Eel

Frozen Clam

South Korea

Published Aug 3, 2022

Tridge summary

Damage compensation is paid directly to fish producers of four items: clams, eels, anglerfish, and mussels. The Ministry of Oceans and Fisheries finally selected four items as the target of this year's free trade agreement (FTA) direct payment support for damage compensation: clams, eels, anglerfish, and mussels. FTA Damage Compensation Direct Payment is a system that compensates for a certain portion of the price drop to fishermen who produce items that have suffered a price drop due to a sharp increase in fishery product imports due to the implementation of the FTA in accordance with the Special Act on Support for Farmers and Fishers Following FTA Conclusion. The direct payment for damage compensation in the fishery sector was introduced in 2008 with the Korea-US FTA as an opportunity. Since then, items that meet the support requirements have occurred every year, and a total of KRW 20.8 billion has been paid in direct payment until last year. Last year, one herring item was selected and 660 million won was paid to a fisherman who produced herring.

Original content

Damage compensation is paid directly to fish producers of four items: improved clams, eels, anglerfish, and mussels. The Ministry of Oceans and Fisheries finally selected four items as the target of this year's free trade agreement (FTA) direct payment support for damage compensation: improved clams, eels, anglerfish, and mussels. FTA Damage Compensation Direct Payment is a system that compensates for a certain portion of the price drop to fishermen who produce items that have suffered a price drop due to a sharp increase in fishery product imports due to the implementation of the FTA in accordance with the Special Act on Support for Farmers and Fishers Following FTA Conclusion. . The direct payment for damage compensation in the fishery sector was introduced in 2008 with the Korea-US FTA as an opportunity. Since then, items that meet the support requirements have occurred every year, and a total of KRW 20.8 billion has been paid in direct payment until last year. Last year, one ...

Source: Aflnews