According to the 'Special Act on Support for Farmers and Fishermen, etc. in Response to the Conclusion of Free Trade Agreements (FTA),' which expired at the end of last year, a proposal to extend the FTA Damage Compensation Direct Payment System by an additional five years passed the National Assembly plenary session on the last day of last month, prompting the National Hanwoo Association to issue a statement of welcome. The FTA Damage Compensation Direct Payment System provides compensation to farmers and others for items affected by price declines due to increased imports following the implementation of FTAs, covering a portion of the price decline. The original system was set to be implemented for 10 years from the announcement of the Korea-China FTA agreement, expiring on December 19 last year. The National Hanwoo Association had previously called for an extension of the FTA Damage Compensation Direct Payment System, citing the elimination of tariffs on U.S. beef starting in ...