Haman-gun Provides FTA Damage Compensation Payments to Local Pig Farms

Compensation of Over 470 Million Won Paid to 22 Local Farms After Review

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] On the 10th, Haman-gun, Gyeongnam Province, completed the payment of compensation under the FTA Damage Compensation Direct Payment System to pig farming households in the area.

The FTA Damage Compensation Direct Payment System is a program that supports pig producers who suffered price declines due to the sharp increase in pork imports caused by the FTA by providing a certain amount of the price drop (payment unit price 6,321 KRW per head).

The criteria for compensation payment are households registered as agricultural management entities that have been producing pigs since before the Korea-US FTA came into effect on March 15, 2012, had livestock business permits registered before December 31, 2018, and actually suffered price decline damage in 2019.

The county conducted on-site investigations and reviews by the screening committee and paid compensation totaling about 470 million KRW to 22 households in the area.

An official from the County Agriculture and Livestock Department stated, "This project aims to compensate for the price decline damage of pork caused by the FTA agreement to a certain extent and maintain the price of the item at about 110% of the base price."

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