Selection of Barley as the Target for This Year's FTA Damage Compensation Direct Payment

Direct Payment Applications Accepted Until the 16th of Next Month

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Agriculture, Food and Rural Affairs announced on the 15th that this year, oats have been selected as the target for compensation payments under the Free Trade Agreement (FTA) damage compensation direct payment scheme, and applications for direct payments will be accepted until the 16th of next month.

The recipients of the damage compensation direct payments were determined according to the procedures set forth in the "Special Act on Support for Farmers and Fishermen due to FTA Conclusion." Oats are 100% dependent on imports. The Ministry of Agriculture, Food and Rural Affairs will accept applications for direct payments from farmers from the 16th of this month until July 16th.

Farmers who produced oats last year can submit the qualification certification documents for payment recipients and the application form for damage compensation direct payments to the local town, township, or neighborhood office in charge of the production area of the relevant item.

The final decision on payment eligibility and the amount of support will be made around September after written and on-site investigations by local government officials in charge.

Meanwhile, the Ministry of Agriculture, Food and Rural Affairs plans to end the payment of business closure support funds this year. This is in accordance with the regulation stating that the scheme is implemented for five years from the effective date of the Korea-China FTA on December 20, 2015.

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