Four items, including Korean beef and mung beans, selected for FTA damage compensation support

Published 2024년 5월 12일

Tridge summary

The Ministry of Agriculture, Food and Rural Affairs in South Korea has shortlisted four items - Korean beef, beef cattle, Korean beef calves, and mung beans - for direct payment support to mitigate the impact of the Free Trade Agreement (FTA). This initiative is part of the FTA Damage Compensation Direct Payment system, designed to offset the price drop of items due to increased imports of agricultural and livestock products post-FTA implementation. A total of 106 items were initially evaluated, with the selected items being determined based on import volume and price. The ministry will release an administrative notice to gather public feedback and will subsequently finalize the support targets after reviewing the appeals.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Seoul = Yonhap News) Reporter Shin Seon-mi = The Ministry of Agriculture, Food and Rural Affairs announced on the 12th that it has selected four items, including Korean beef, beef cattle, Korean beef calves, and mung beans, as targets for direct payment support to compensate for damage from the Free Trade Agreement (FTA) this year. The FTA Damage Compensation Direct Payment is a system that compensates farmers for a portion of the price decline for items whose prices have fallen due to the increase in imports of agricultural and livestock products following the implementation of the FTA. This year, a total of 106 items were surveyed and 4 supported items were selected as a result of analyzing the import volume of each item, import volume from FTA countries, and domestic prices. The Ministry of Agriculture, Food and Rural Affairs will issue an administrative notice regarding this content from the 13th to the 3rd of next ...

Source: Yna