Fair Trade Commission Collaborates with Saenghyeop for Win-Win... 'Prepayment Campaign' Until End of July

Support for Farms and Production Areas Amid COVID-19... "Cooperatives, a Platform for Realizing Consumer Sovereignty"

Chairman Seongwook Cho of the Korea Fair Trade Commission, who is leading the "Win-Win Drive"./Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Chaeseok] "Until now, we have mainly emphasized the value of coexistence with large corporations, but I am honored to conduct a campaign together with consumer cooperatives (Saenghyeop) for the first time."

On the 5th, Chairman Cho Seong-wook of the Fair Trade Commission announced at a meeting with five Saenghyeop federations (University, Dure, iCOOP, Hansalim, Happiness Centered) that they will promote the 'Urban-Rural Coexistence Prepayment Campaign' from the 8th of this month until the 31st of next month.

He emphasized the significance of collaboration, stating that Saenghyeop is a social economy organization that values coexistence with local communities as a fundamental principle.

Saenghyeop is a cooperative voluntarily organized by consumers, who are disadvantaged compared to producers in terms of organizational power, information, and financial resources, to improve welfare.

The five Saenghyeop federations support overcoming the crisis by providing prepayments to farms and production areas struggling due to the novel coronavirus disease (COVID-19).

The government is promoting a 'Good Prepayment Policy' that offers tax and income deductions when business owners and consumers make prepayments or pre-purchases for small businesses, and this campaign aligns with that policy.

Recently, due to the COVID-19 situation, eco-friendly farms have faced difficulties such as a shortage of foreign labor and decreased demand for eco-friendly school meals due to delayed school openings.

The five Saenghyeop federations plan to actively engage in prepayment of product payments for agricultural products supplied to contribute to the stable operation and employment maintenance of farms and production areas.

Typically, payment for goods is made within 7 to 60 days after purchase, but prepayment means that Saenghyeop pays a certain amount of the purchase funds in advance (for example, at the time of purchase contract).

They mainly use operating funds of the federations or separate funds raised by members.

Chairman Cho said, "Recently, the government has been implementing the Good Prepayment Policy to encourage prepayment, pre-purchase, and revisit of small business establishments," adding, "I hope that more companies and consumers will participate in good prepayment through this campaign."

Meanwhile, the meeting also announced efforts by Saenghyeop to enhance consumer rights and overcome COVID-19.

Consumers can participate in Saenghyeop decision-making based on the democratic operating principle (one person, one vote).

Members can also directly engage in processes such as product development and selection through various committees within Saenghyeop.

They strive to raise consumer awareness through education and promotion regarding products and food.

Chairman Cho evaluated, "In the past, consumers were regarded only as objects of protection under a producer-centered economic structure, but today, they are recognized as subjects exercising their rights," adding, "Saenghyeop is an example showing what an active rights-bearing consumer is."

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