Yeonggwang-gun, 'FTA Damage Compensation Direct Payment' Applications Open Until the 8th of Next Month

[Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong] Yeonggwang-gun, Jeollanam-do announced on the 3rd that it will accept applications for the ‘FTA Damage Compensation Direct Payment’ until the 8th of next month, following the Ministry of Oceans and Fisheries’ final selection of four items?eel, anglerfish, improved clams, and mussels?as eligible for the 2022 FTA damage compensation direct payment support.

The FTA Damage Compensation Direct Payment is a system under the ‘Special Act on Support for Farmers and Fishermen due to Free Trade Agreement Implementation (FTA Agriculture and Fisheries Act)’ that compensates fishermen producing items that have suffered price declines due to a sharp increase in seafood imports following FTA implementation by covering a portion of the price drop.

Yeonggwang-gun’s eel production amounts to 2,800 tons annually, accounting for 23% of the national production of 12,000 tons, making eel aquaculture a key industry in the county.

Fishermen producing eel, anglerfish, improved clams, and mussels who wish to receive the FTA Damage Compensation Direct Payment must apply to the Marine Fisheries Division of the county office by the 8th of next month.

After on-site investigations by the responsible officials and deliberations by the Ministry of Oceans and Fisheries’ review committee, the support recipients will be finalized in October, and the FTA Damage Compensation Direct Payments are planned to be disbursed between November and December.

The county expects that the selection of eel, the largest aquaculture species in the county, as a target for this FTA Damage Compensation Direct Payment will provide some relief to eel aquaculture households struggling with price declines due to increased import volumes.

County Governor Kang Jongman stated, “We plan to continue promoting this by collaborating with towns, townships, and related organizations to ensure that all fishermen producing eligible items receive support,” adding, “In addition to directly compensating fishermen for damages caused by FTA implementation, we will do our best to enhance the competitiveness of the fisheries industry.”

Yeonggwang=Asia Economy Honam Reporting Headquarters Reporter Lee Jeonseong baekok@asiae.co.kr

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