Compensation and Closure Support Payments Provided for 'Meongge, Mindaegu, Shrimp, Jeongae, and Jogi'

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 16th that it has finally selected five items?sea squirt, large-eyed flathead, shrimp, horse mackerel, and croaker?as the support targets for the 2020 Free Trade Agreement (FTA) Damage Compensation Direct Payment System and Closure Support System.

The Damage Compensation Direct Payment System is a program that compensates fishermen for a portion of the price decline caused by a sharp increase in seafood imports due to FTA implementation. The Closure Support System provides support funds to fishermen who are recognized as having difficulty continuing their businesses of catching, harvesting, or farming seafood due to FTA implementation and decide to close their operations.

Both systems were introduced in 2008 following the Korea-US FTA, but actual support began in 2015 when items meeting the support criteria emerged. Last year, approximately 5.6 billion KRW in damage compensation direct payments were made for seven items, including mackerel and shrimp.

This year’s support target items were finalized after administrative notice and review by the 'Support Committee for Fishermen under FTA Implementation,' based on the analysis results from the Korea Maritime Institute (KMI)’s 'Support Center for Fishermen under FTA Implementation.'

Fishermen wishing to receive damage compensation direct payments and closure support funds should contact the fisheries department of the city, county, or district that has jurisdiction over the fishing vessels, gear, and facilities of the target items by the end of next month and submit the payment application and supporting documents. Each city, county, or district will review the fishermen’s applications in September to decide on payment eligibility and support amounts, with plans to disburse damage compensation direct payments and other funds around November to December.

Lee Kyung-gyu, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "We plan to strengthen publicity of the fishermen support system to ensure that all fishermen who meet the requirements for damage compensation direct payments and closure support funds receive assistance without omission," adding, "We will do our best to alleviate the difficulties faced by fishermen affected by FTA implementation."

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