Rep. Yoon Jae-gap Proposes First Bill to Stabilize Farm Income

Yoon Jae-gap, Member of the Democratic Party of Korea (Haenam, Wando, Jindo)

[Asia Economy Honam Reporting Headquarters Reporter Seo Young-seo] Congressman Yoon Jae-gap (Haenam·Wando·Jindo) announced on the 8th that he has proposed the "Act on Distribution and Price Stabilization of Agricultural and Marine Products Amendment," which focuses on the minimum price guarantee system for agricultural products and income guarantee insurance for farm households, as the first bill of the 21st National Assembly.

The government has introduced price stabilization policies such as disposal at production sites and stockpiling purchases in response to the annual recurring collapse of agricultural product prices, but the agricultural sector has voiced that these policies are far from sufficient as measures for farm household income.

In this regard, some local governments have implemented a "minimum price guarantee system for agricultural products" that guarantees at least the production cost in the event of price collapse, but considering the poor local financial situation, support at the central government level is urgently needed.

Accordingly, Congressman Yoon Jae-gap established a legal basis for local governments to implement the minimum price guarantee system for basic agricultural products such as cabbage, green onions, and radishes, and enabled the government to support the necessary costs for this.

Furthermore, to stably guarantee farm household income not only from reduced crop yields but also from price declines, a provision was made to allow substitution with agricultural and fishery disaster insurance linked to crop income guarantee insurance when minimum price guarantees for agricultural products are difficult.

Congressman Yoon Jae-gap stated, "Several bills related to the minimum price guarantee system for agricultural products have been proposed before, but they were rejected by the central government citing overproduction and fiscal burden," and added, "In the 21st National Assembly, I will do my best to ensure that this law can be passed through a more reasonable approach."

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