Scallops selected for fishermen's compensation program in South Korea

South Korea's Ministry of Oceans and Fisheries announced on July 13 that scallops have been selected as an item eligible for the 'Fishermen's Direct Payment for Damage Compensation' program due to the impacts of free trade agreements (FTAs).

The program provides compensation to fishermen whose livelihoods are affected by price drops caused by increased imports stemming from FTAs. Applications for this compensation will be accepted from July 14 to August 13. The ministry selected scallops based on an analysis from the 'Fishermen Support Center for FTA Implementation' and a review by the Support Committee.

To be eligible, fishermen must have been producing scallops before February 1, 2022, the effective date of the Regional Comprehensive Economic Partnership (RCEP), the world's largest multilateral trade agreement involving 15 countries including ASEAN nations, China, Japan, Australia, and New Zealand.

Applicants need to submit a payment application and proof of production and sales to their local self-governing authorities. These authorities will conduct on-site investigations and review applications, with eligible recipients expected to receive the compensation payments by December. The maximum compensation limit is 35 million won for individual fishermen and 50 million won for fishing cooperatives.

A ministry official stated, "We will work with local governments to ensure that scallop-producing fishermen receive the support without fail. We are committed to enhancing the competitiveness of the fisheries industry beyond direct compensation for FTA-related damages."

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We will work with local governments to ensure that scallop-producing fishermen receive the support without fail. We are committed to enhancing the competitiveness of the fisheries industry beyond direct compensation for FTA-related damages.