Gimhae City Provides 1.5 Billion KRW in 'FTA Damage Compensation Direct Payments' to 83 Pig Farms

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gimhae City, Gyeongnam Province, announced on the 24th that it will pay damage compensation direct payments to pig farmers following the Ministry of Agriculture, Food and Rural Affairs' confirmation and announcement in June that pork was designated as a target item for the 2020 FTA (Free Trade Agreement) damage compensation direct payment support.

Gimhae City, which received payment applications through towns, townships, and neighborhoods until the end of July, plans to pay 1.5 billion KRW in direct payments to 83 farms around October after deliberation by the review committee.

The payment targets are farms that have been raising pigs since before the Korea-US FTA came into effect on March 15, 2012, completed livestock business registration by December 31, 2018, and suffered price decline damage in 2019.

The payment amount is calculated by multiplying the number of fattening pigs shipped by the farm in 2019 by the payment unit price set by the Ministry of Agriculture, Food and Rural Affairs. Support is available up to a maximum of 35 million KRW for individual farms and up to 50 million KRW for agricultural corporations.

The damage compensation direct payment system is designed to support pig farmers who suffered from price declines due to a sharp increase in imports following FTAs by compensating part of the price drop to stabilize farm management and offset damages. The Ministry of Agriculture, Food and Rural Affairs confirms and announces the target items annually.

Kim Sang-jin, director of the Gimhae Agricultural Technology Center, emphasized, "We hope that the payment of FTA damage compensation direct payments will provide some help in stabilizing the management of pig farmers who faced difficulties due to the deterioration of pork prices last year," adding, "We will also actively promote support measures in the pig farming sector to improve productivity."

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