FTA Damage Compensation Direct Payments to Goat Farms... KRW 5 Billion for 691 Farms

Payments to Begin in Mid-November

The government will begin paying the 2026 FTA Damage Compensation Direct Payments in mid-November. The payments are made under the "Special Act on Support for Farmers and Fishers Following the Conclusion of Free Trade Agreements" to help stabilize the businesses of farm households that suffered losses from price declines resulting from the implementation of FTAs.

The Ministry of Agriculture, Food and Rural Affairs said on November 10 that the only eligible item for the 2026 FTA Damage Compensation Direct Payments is goat meat. A total of KRW 4.972 billion is expected to be paid to 691 farm households.

The Asia Business Daily DB

The FTA Damage Compensation Direct Payment program reimburses eligible farmers and others for part of their losses from price declines caused by increased imports following the conclusion of an FTA, helping stabilize their businesses.

To determine which items would qualify for FTA direct payment support, the ministry analyzed whether 105 items had suffered losses due to FTAs from February through March through the FTA Implementation Support Center at the Korea Rural Economic Institute (KREI). In June, after deliberation and approval by the Committee on Support for Farmers and Others Following the Implementation of Free Trade Agreements, which includes experts from producer groups and academia, goat meat was selected as the final eligible item. Farmers and agricultural corporations that had produced goat meat before the effective date of the Korea-Australia FTA (December 12, 2014) were confirmed as eligible for payment.

The payment rate for goat meat is KRW 60,350 per head. The maximum payment is KRW 50 million for agricultural corporations and KRW 35 million for individual farmers. Farm households can check the details of their confirmed payments and specific deposit schedules with the livestock department at their local city, county or district office, or at their town, township or neighborhood administrative welfare center.

A ministry official said, "We hope the FTA Damage Compensation Direct Payments will help ease the business burden on goat farms and maintain a stable production base for the goat industry."

This content was produced with the assistance of AI translation services.