Jeongeup-si Accepting Applications for 'FTA Damage Compensation Direct Payment' Until the 9th of Next Month

Jeongeup City in Jeollabuk-do is accepting applications for the 2024 Free Trade Agreement (FTA) Damage Compensation Direct Payment support for Hanwoo and beef cattle farmers until the 9th of next month.

According to the city on the 8th, the damage compensation direct payment is a system that compensates part of the damage caused by a sharp increase in imports and subsequent price drops due to the implementation of free trade agreements.

Jeongeup City Hall. [Photo by Jeongeup City]

The Ministry of Agriculture, Food and Rural Affairs finalized four target items for the 2024 FTA damage compensation direct payment support last month on the 26th: Hanwoo, beef cattle, Hanwoo calves, and mung beans.

The payment targets are farmers who have been engaged in the production of Hanwoo, beef cattle, or Hanwoo calves since before January 1, 2015, the effective date of the Korea-Canada FTA, and who directly produced and sold these items in 2023, suffering price drop damages.

Farmers wishing to receive the damage compensation direct payment must visit the administrative welfare center of their production area’s eup, myeon, or dong by the 9th of next month and submit the application form with relevant supporting documents (such as production before the FTA agreement and production/sales performance in 2023).

After written and on-site investigations, the final decision on payment eligibility and support amount will be made in November, with payments scheduled to be completed by the end of December.

For more details, contact the industry team at the eup, myeon, or dong administrative welfare center or the city’s Livestock Division.

Jeongeup = Asia Economy Honam Reporting Headquarters, Reporter Kim Jaegil baekok@asiae.co.kr

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