Goheung-gun Supports FTA Damage Compensation Payments Due to Hanwoo Price Decline

Published 08 Jul.2024 13:16(KST)

Livestock Sector: Hanwoo, Yuku, Hanwoo Calves Until August 9

Gohung County, Jeonnam (County Governor Gong Young-min) announced that it plans to support the 2024 FTA damage compensation direct payment in the livestock sector to minimize damage to farms due to the continuous decline in Hanwoo prices, and will accept applications until August 9.

The 'Damage Compensation Direct Payment System' is a system that compensates part of the damage for items whose prices have dropped due to a sharp increase in imports following the implementation of free trade agreements. Eligible recipients are farmers who have been engaged in the production of Hanwoo, beef cattle, and Hanwoo calves since before the Korea-Canada FTA agreement came into effect (January 1, 2015), and who directly produced and sold Hanwoo, beef cattle, or Hanwoo calves in 2023 and suffered price decline damage.

[Photo by Goheung-gun]

Farms wishing to receive the damage compensation direct payment must prepare related supporting documents (such as production of items before the FTA agreement, 2023 production and sales records, etc.) and submit the payment application form in person to the jurisdictional eup/myeon office of the production area by August 9.

The estimated direct payment amount is 53,119 KRW per Hanwoo head, 17,242 KRW per beef cattle, and 104,450 KRW per Hanwoo calf. Each farm can receive up to 35 million KRW, and agricultural corporations up to 50 million KRW.

The final decision on payment eligibility and support scale will be made through document review, on-site investigation, and examination by the review committee.

A county official stated, “We hope that the FTA damage compensation direct payment support will help Hanwoo farmers who are struggling due to price declines, even if only a little. We will actively promote this to prevent any cases of missed applications, and we urge eligible farms to complete their applications within the deadline.”