Final confirmation of 4 FTA damage compensation direct payment items in South Korea

Published 2024년 6월 28일

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs in South Korea has announced the four items that will be eligible for direct payment support under the 2024 Free Trade Agreement (FTA). These items include Korean beef, beef cattle, Korean beef calves, and mung beans. Farmers who wish to receive this support must apply at their local town/myeon/dong office by August 9th. The support will be paid to farmers and agricultural corporations who have grown these products before the effective date of the FTA. The final decision on these items was made after an administrative notice from May 13 to June 3, based on the results of analysis by the Korea Rural Economic Institute and deliberation by a support committee for farmers.

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Original content

The four items eligible for direct payment support under the 2024 Free Trade Agreement (FTA) were finalized to be ‘Korean beef, beef cattle, Korean beef calves, and mung beans.’ Farmers who wish to receive direct payment must apply at the town/myeon/dong office with jurisdiction over the place of production by August 9th. On the 27th, the Ministry of Agriculture, Food and Rural Affairs confirmed and announced the target items for the Direct Damage Compensation Payment, stating that it is a system to compensate for some of the damage to items whose prices have fallen due to a rapid increase in imports due to the implementation of the FTA. Direct payments will be paid to farmers and agricultural corporations who have grown (reared) the product before the effective date of the FTA with the importing country, taking into account the contribution to imports within the range of 95% of the current year's domestic price decrease compared to the base price. The Ministry of Agriculture, ...

Source: Agrinet