Africa
SOUTH Korea’s parliament on Thursday passed a bill to make the government’s purchase of excess rice mandatory.
The revised grain management act was passed at a plenary session of the National Assembly, led by the opposition Democratic Party, with 169 in favour.
Also, 90 were against, and seven abstentions out of 266 lawmakers were present.
Under the revised act, the government must purchase all overproduced rice when the excess production is 3-5 per cent higher.
The percentage was higher than rice demand or when the rice prices fall 5-8 per cent compared to the previous year.
The Democratic Party pushed the revision to stabilise rice prices and income for farmers.
The government and the ruling People Power Party opposed, it citing side effects such as the burden of purchase costs and the reduced competitiveness in the agricultural sector. (Xinhua/NAN)
KN
Tags: South Korea’s parliament
