South Korea to fund 1 trillion won FTA compensation via state budget

President Lee Jae-myung announced that the South Korean government will use state finances to fulfill a 1 trillion won compensation fund for farmers and fishers affected by Free Trade Agreements (FTAs) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Addressing concerns over trade liberalization, the President noted that while FTAs are inevitable for an export-oriented nation, the previous reliance on voluntary contributions from corporations resulted in less than 300 billion won being raised, undermining public trust. To resolve this, the government will directly inject the remaining funds to reach the 1 trillion won target.

Additionally, the administration is considering a reciprocal compensation system, such as imposing a levy on increased export revenues to support sectors facing losses. President Lee emphasized that agriculture, fisheries, and forestry are strategic security industries and pledged to meet with industry representatives to listen to their concerns directly.