Including 2021 Harvest Gu-gokdo
Shared Recognition That the Revised Grain Management Act Has Significant Side Effects
On the 25th, the People Power Party, the government, and the Presidential Office held a high-level party-government consultation meeting at the Prime Minister's official residence in Samcheong-dong, Jongno-gu, Seoul. (From left) Kim Dae-ki, Chief Presidential Secretary; Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance; Han Duck-soo, Prime Minister; Jeong Jin-seok, Emergency Response Committee Chairman of the People Power Party; Joo Ho-young, Floor Leader of the People Power Party; Sung Il-jong, Policy Committee Chairman of the People Power Party; and Kim Seok-ki, Secretary-General of the People Power Party, are having a conversation before the consultation meeting. (Photo by Yonhap News)
[Asia Economy Reporter Kum Boryeong] The People Power Party and the government decided on the 25th to isolate a record-breaking 450,000 tons of rice from the market to stabilize the rapidly falling rice prices.
Park Jeong-ha, the chief spokesperson for the People Power Party, stated at a National Assembly briefing, "The party and government have decided to implement market isolation of a record volume of 450,000 tons of rice during this year's harvest season," adding, "This measure is a more rapid and larger-scale bold harvest season policy compared to 2017 when rice prices rose through market isolation measures."
Spokesperson Park emphasized, "We added 200,000 tons to the expected surplus production of 250,000 tons this year, and also included 2021 old rice stocks." The volume of old rice stocks is expected to be less than 100,000 tons.
However, regarding the amendment to the Grain Management Act advocated by the Democratic Party, Spokesperson Park said, "The party and government share the view that the amendment to the Grain Management Act, which mandates market isolation through the 'mandatory purchase law for surplus rice,' has significant side effects such as exacerbating rice oversupply, increasing fiscal burden, and hindering future agricultural development."
He continued, "Rather than mandating isolation, we decided to newly introduce and promote a strategic crop direct payment system starting next year to expand the cultivation of rice flour, wheat, soybeans, and forage crops, thereby simultaneously achieving rice supply-demand balance and strengthening food security."
On the same day, Jeong Jin-seok, the emergency committee chairman of the People Power Party, wrote on his Facebook, "At the Prime Minister’s residence in Samcheong-dong, senior officials from the Presidential Office, government, and party gathered for a 'high-level party-government meeting' to share national agenda and discuss countermeasures," adding, "There was an in-depth exchange of opinions on urgent issues including measures against the rice price collapse. We received a commitment from the government to 'isolate the largest volume of rice in history during the harvest season from the market.'"
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