South Korea: FTA damage compensation direct payment is delayed; cattle farmers are discontent

As the free trade agreement (FTA) damage compensation direct payment is not paid, Korean beef farmers who need money at the end of the year are becoming unsettled. Furthermore, as news spreads that the government is having difficulty securing the related budget, there are even concerns that the payment will be postponed indefinitely. The Ministry of Agriculture, Food and Rural Affairs selected four items as eligible for the FTA damage compensation direct payment in June, including Korean beef, beef cattle, Korean beef calves, and mung beans, and accepted applications through towns, counties, and districts nationwide until August 9. The FTA damage compensation direct payment system is a system that compensates farmers and others for a portion of the price decrease for items that have suffered price drops due to increased imports resulting from the conclusion of the FTA. According to the analysis results of the FTA Implementation Support Center of the Korea Rural Economic ...