This Year, FTA Damage Compensation and Closure Support Payments Provided for Pork, Mung Beans, and Chestnuts

[Sejong=Asia Economy Reporter Kim Hyunjung] The Ministry of Agriculture, Food and Rural Affairs announced on the 6th that the targets for direct compensation payments for damages caused by the implementation of Free Trade Agreements (FTA) have been decided as three items this year: pork, mung beans, and chestnuts.

Since the announcement of the FTA with Chile in 2004, the damage compensation direct payment system has been a system that compensates 90% of the price decline when the price of domestic agricultural products falls below the reference price due to increased imports from FTAs.

This year, two items, pork and chestnuts, have been selected as targets for business closure support payments. The business closure support system provides support for the net profit of the past three years to farmers who have suffered damage due to a sudden increase in imports caused by FTAs and subsequently close their businesses. The recipients are selected from among those eligible for FTA damage compensation direct payments.

The Ministry of Agriculture, Food and Rural Affairs will conduct an administrative notice on the draft announcement deciding these items until the 26th, and after this process, once the items are finalized, detailed information such as the recipients will be confirmed.

This content was produced with the assistance of AI translation services.