A total of 691 goat farming households will receive compensation payments due to losses incurred from price declines following the implementation of free trade agreements (FTAs).
The Ministry of Agriculture, Food and Rural Affairs announced on November 10 that it will distribute 4.972 billion won ($4.9 million) in FTA compensation payments to alleviate the financial burden on farmers.
The FTA compensation program is designed to offset some of the price drops experienced by farmers due to increased imports following the signing of free trade agreements. This year, goat meat is the only product eligible for compensation.
In February and March, the ministry analyzed the impact on a total of 105 products through the Korea Rural Economic Institute's FTA Implementation Support Center. Of these, 42 were monitored for import damage, while the remaining 63 were products applied for by farmers.
Last year, mung beans were the sole product selected for support. In 2024, four products, including Korean beef, beef cattle, Korean beef calves, and mung beans, will be included in the support program.
The ministry finalized goat meat as the support item after deliberations by the 'Support Committee for Farmers Affected by FTA Implementation,' which included producer groups and academic experts, in June. Eligible recipients are farmers and agricultural corporations that have been producing goat meat since before the FTA with Australia took effect on December 12, 2014.
Applications for compensation were accepted from local governments between July 2 and August 13. Following eligibility verification and field investigations, the final recipients were determined.
The compensation rate for goat meat is set at 60,350 won per head. The maximum support amount is capped at 35 million won for individual farmers and 50 million won for agricultural corporations, with payments expected to begin in mid-November.
Farmers can check the confirmed compensation amounts and specific payment schedules through the livestock department of their local city, county, or district office, or at their administrative welfare center.
A ministry official stated, "We hope the FTA compensation payments will help alleviate the financial burden on goat farmers and maintain a stable production base for the goat industry."
The Ministry of Agriculture, Food and Rural Affairs announced on November 10 that it will distribute 4.972 billion won ($4.9 million) in FTA compensation payments to alleviate the financial burden on farmers.
The FTA compensation program is designed to offset some of the price drops experienced by farmers due to increased imports following the signing of free trade agreements. This year, goat meat is the only product eligible for compensation.
In February and March, the ministry analyzed the impact on a total of 105 products through the Korea Rural Economic Institute's FTA Implementation Support Center. Of these, 42 were monitored for import damage, while the remaining 63 were products applied for by farmers.
Last year, mung beans were the sole product selected for support. In 2024, four products, including Korean beef, beef cattle, Korean beef calves, and mung beans, will be included in the support program.
The ministry finalized goat meat as the support item after deliberations by the 'Support Committee for Farmers Affected by FTA Implementation,' which included producer groups and academic experts, in June. Eligible recipients are farmers and agricultural corporations that have been producing goat meat since before the FTA with Australia took effect on December 12, 2014.
Applications for compensation were accepted from local governments between July 2 and August 13. Following eligibility verification and field investigations, the final recipients were determined.
The compensation rate for goat meat is set at 60,350 won per head. The maximum support amount is capped at 35 million won for individual farmers and 50 million won for agricultural corporations, with payments expected to begin in mid-November.
Farmers can check the confirmed compensation amounts and specific payment schedules through the livestock department of their local city, county, or district office, or at their administrative welfare center.
A ministry official stated, "We hope the FTA compensation payments will help alleviate the financial burden on goat farmers and maintain a stable production base for the goat industry."
* This article has been translated by AI.
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