Scallops [Getty Images Bank]
Scallops [Getty Images Bank]

Scallops have been selected as this year's eligible commodity under the fisheries direct payment program that compensates producers for price drops caused by free trade agreement implementation.

The Ministry of Oceans and Fisheries announced Monday that scallops have been finalized as this year's supported commodity under the FTA damage compensation direct payment program, with applications accepted from Tuesday through Aug. 13.

The program provides partial compensation for price declines to fishers and fishing corporations that produce commodities whose prices have fallen due to increased imports under FTA implementation.

The ministry analyzed prices, total import volumes and import volumes from partner countries, then finalized scallops as an eligible commodity following a public notice period and a review by the Support Committee for Fishers Affected by FTA Implementation.

Eligible applicants are fishers and fishing corporations that were producing scallops before Feb. 1, 2022 — the date the Regional Comprehensive Economic Partnership took effect. Applicants must submit documentation proving their production and sales records to their local city, county or district office.

Local governments will conduct on-site investigations and reviews to finalize the list of recipients by September, with payments scheduled to run from September through December. The payment cap is 35 million won ($23,300) per individual fisher and 50 million won per fishing corporation.

Minister of Oceans and Fisheries Hwang Jong-woo said the ministry would work with local governments to ensure the payment process proceeds without disruption so that all scallop producers receive support. He added that the ministry would work to strengthen the competitiveness of the fisheries industry alongside compensating for FTA-related losses.


adastra@heraldcorp.com