2012-3-1

Korean livestock farmers will receive cash assistance from the government if the price of their products drops as a result of any of the new free trade agreements.

Wednesday's announcement marks the most recent attempt by the agriculture ministry to ease concerns among local farmers about the possible impact of the Korea-U.S. FTA in particular, as well as free trade agreements in general.

Korea's agriculture sector is considered particularly vulnerable since the free trade agreements open the Korean market to cheaper meat and dairy products from overseas.

Under the new plan, the government will compensate farmers for up to 90 percent of the revenue lost if the price of a product drops by more than 10 percent following implementation.

In addition, the government will also offer support to those who choose not to raise livestock in the future.

And if any free trade agreement drives a farmer out of business, he will be eligible for monetary compensation equivalent to the amount he would have earned farming for three years.

Finally, the government has allocated 1-billion won, roughly 880-million U.S. dollars for a support center . scheduled to open early next month. to help local fishermen and farmers.