The government will provide compensation of up to 35 million won per fisherman affected by price drops due to the implementation of free trade agreements (FTAs).
The Ministry of Oceans and Fisheries announced on July 13 that scallops have been selected as a compensation item for this year, with applications for direct payment to be accepted from July 14 to August 13.
The ministry has been implementing the direct payment system based on the Special Act on Support for Farmers and Fishermen Affected by FTAs. The support targets fishermen and fishing companies that have suffered price drops due to increased imports resulting from FTAs, covering a portion of the price decline.
This year's eligible items were finalized after review and approval by the support committee for fishermen affected by the implementation of FTAs. Eligible applicants include fishermen who have been producing scallops since before the Regional Comprehensive Economic Partnership (RCEP) came into effect.
Those wishing to apply must submit an application form along with proof of production and sales to their local government during the application period. Local governments will then conduct on-site investigations and finalize the list of recipients by September. The maximum compensation limit is 35 million won for individual fishermen and 50 million won for fishing companies. Payments are expected to be distributed between September and December.
Minister of Oceans and Fisheries Hwang Jong-woo stated, "We will work with local governments to ensure that all scallop producers receive support through the direct payment system. The ministry will also strive to enhance the competitiveness of the fishing industry beyond just compensating for direct damages caused by FTAs."
* This article has been translated by AI.
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