Wando County to Provide 2 Billion Won in FTA Damage Compensation to Aquaculture Fish Farmers

1,678 Abalone and Scallop Aquaculture Farmers Receive Direct Compensation Payments

Wando County, South Jeolla Province, announced on the 4th that it has provided compensation direct payments to abalone and scallop aquaculture farms that suffered losses due to increased imports and price declines resulting from the implementation of Free Trade Agreements (FTA).

The Ministry of Oceans and Fisheries designated abalone and scallops as eligible items for support in August last year, and Wando County accepted applications for compensation direct payments from August to September of the same year. The final recipients were determined through a review process in November.

Wando County paid damage compensation direct payments to aquaculture households affected by the Free Trade Agreement (FTA). Provided by Wando County

The eligibility review targeted fishers and fisheries corporations that had been producing the relevant items before the FTA took effect. Major review criteria included sales performance of the eligible items in 2023 and any violations of fisheries-related laws.

Of the 1,699 applicants, 21 were deemed ineligible and excluded, resulting in a total of 1,678 aquaculture farms receiving a combined 2 billion won in compensation direct payments.

An official from the county stated, "We hope that this direct payment support will help stabilize the management of aquaculture farms struggling due to the FTA," adding, "We will continue to prepare various support measures in the future."