Gumi City Accepts Applications for FTA Damage Compensation Direct Payment for Hanwoo Farmers

Price Drop Damage Due to Increased Imports, Targeting Hanwoo, Yukwoo, and Hanwoo Calf Farmers

Gumi City in North Gyeongsang Province is accepting applications for direct compensation payments for damages caused by Free Trade Agreements (FTA) from local Hanwoo cattle farmers until July 31.

Gumi City FTA Damage Compensation Direct Payment Related Work Meeting.

The "Direct Compensation Payment System for Damages" is a program that partially compensates for losses incurred due to falling prices of agricultural and livestock products resulting from increased imports following the implementation of FTAs. This year's eligible livestock categories for compensation are Hanwoo, beef cattle, and Hanwoo calves.

Eligible applicants are Hanwoo and beef cattle farmers who produced the relevant items before the effective date of the Korea-Canada FTA (January 1, 2015) and who directly produced and sold these items in 2023, thereby experiencing actual price declines.

Farmers wishing to apply must submit an application form and relevant documents to the administrative welfare center of their township, town, or neighborhood where their livestock facility is located by July 31. After on-site (or document-based) inspections and review by a screening committee, the final payment amount will be determined around October.

On the 4th, Gumi City held a meeting for township, town, and neighborhood staff regarding FTA direct compensation payment tasks, and plans to actively promote the program to livestock farmers.