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‘Ends next year’ FTA damage compensation direct payment, extended period and strengthened damage compensation

Published May 18, 2024

Tridge summary

The National Korean Beef Association is expressing concern over the upcoming sunset of the FTA damage compensation direct payment system in December 2025, as it believes the system, which is supposed to help offset the financial damage caused by imported beef, is inadequate and ineffectively compensates for the price drop in locally produced beef due to import surges. The association argues that the system's stringent criteria and low compensation amounts fail to provide meaningful support to farmers, and has called for improvements and an extension of the system's implementation period. They also highlighted that without this support, the damage caused by free trade agreements (FTAs) will continue to grow, emphasizing the need for more robust solutions to mitigate the adverse effects on domestic farmers.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Selection criteria are strict and direct payments are low. There was a controversy over the ‘famous office’ If even the system disappears, it will be a bigger problem Korean Beef Association orders special measures While Korean beef meat and Korean beef calves are included in the administratively announced 'items eligible for direct payment for damage compensation in 2024', the National Korean Beef Association said that the FTA direct payment system for damage compensation was in fact a useless system and that even this will end its implementation in December 2025, causing actual damage. They demanded compensation and an extension of the enforcement period. On the 14th, the National Korean Beef Association issued a statement regarding the selection of Korean beef and Korean beef calves as 'items eligible for direct payment support for damage compensation in 2024', saying, "Korean beef farmers who have suffered damage from imported beef will at least receive some compensation for ...
Source: Agrinet
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