The current Act states that the Agricultural and Fishing Villages Collaborative Cooperation Fund (hereinafter referred to as “Collaborative Cooperation Fund”) shall be established to systematically support projects for securing sustainable development of the agriculture, fisheries, etc., and agricultural and fishing villages, which have suffered or are likely to suffer any loss or damage due to the implementation of an agreement, and projects for promoting collaborative cooperation between private enterprises, etc., and agricultural and fishing villages and farmers, fishermen, etc. The Collaborative Cooperation Fund was created with voluntary contributions from private enterprises and targets its total amount as 1 trillion won in 10 years with 100 billion won per year. However, since the Collaborative Cooperation Fund was created in 2017, the Fund has raised just 20-30% of the target each year.

Hence, to resolve imbalances between industries caused by free trade agreements and support farmers, fishermen, and others, this Act aims to require recipient industries to take part in the Collaborative Cooperation Fund and increase the Fund’s target up to 2 trillion won in 20 years with 100 billion won per year (Article 18-2, Article 2 of Addendum of the Special Act on Assistance to Farmers, Fishers, etc. Following the Conclusion of Free Trade Agreements (Act No. 14528)).

Require recipient industries to take part in the Collaborative Cooperation Fund to resolve imbalances between industries caused by free trade agreements and support farmers, fishermen, and others (Article 18-2).