Assemblyman Yoon Jae-gap Protects Golden Time by Mandating Rice Market Isolation

Establishment of the Grain Management Deliberation Committee to Review and Decide on Grain Purchase, Quantity, and Timing

Yoon Jae-gap, Member of the National Assembly (Democratic Party of Korea, Haenam·Wando·Jindo) ⓒ Asia Economy

[Haenam＝Asia Economy Honam Reporting Headquarters Reporter Kim Hyun] Yoon Jae-gap, a member of the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee (Democratic Party, Haenam·Wando·Jindo), on the 22nd, took the lead in proposing a partial amendment to the "Grain Management Act" that mandates market isolation if the rice market isolation requirements are met and establishes a committee to deliberate and decide on the purchase, quantity, and timing of grains.

According to Representative Yoon Jae-gap, the government abolished the "variable direct payment system," which compensated part of the rice price if it fell below the target price during last year's harvest season, and promised to guarantee rice prices through strong measures such as "automatic rice market isolation."

Accordingly, according to the amended Grain Management Act and the Ministry of Agriculture, Food and Rural Affairs' notice, rice market isolation is possible if rice production exceeds demand by more than 3% or if the price falls by more than 5% compared to the previous year.

However, this year’s rice production recorded 3,882,000 tons, a 10.7% increase compared to the previous year, resulting in about 300,000 tons of overproduction compared to last year's production of 3,510,000 tons, meeting the market isolation requirements. Nevertheless, the government has repeatedly stated that it will monitor the market situation as rice prices remain at a high level.

In response, Representative Yoon proposed an amendment to stabilize rice self-sufficiency, the last bastion of food security and food sovereignty, by mandating government market isolation measures when market isolation requirements are met and establishing a "Grain Management Deliberation Committee" within the Ministry of Agriculture, Food and Rural Affairs to ensure that the positions of grain producers or owners are sufficiently reflected in decisions regarding the purchase, quantity, and timing of grains.

Representative Yoon Jae-gap emphasized, "Although six market isolation measures have been implemented in the past 10 years, each time the Ministry of Agriculture, Food and Rural Affairs missed the golden time for market isolation while consulting with budget authorities, resulting in prices falling further after market isolation and failing to achieve the intended effect. If the currently discretionary rice market isolation regulations are made mandatory for the government to immediately isolate excess production when market isolation requirements are met, farmers will be able to cultivate rice with peace of mind."

Haenam=Asia Economy Honam Reporting Headquarters Reporter Kim Hyun kh0424@asiae.co.kr

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