South Korea To Implement Price Stability Policy

The South Korean government has announced that it was moving towards implementing a rice price stability measure that will set minimum prices for rice for the next five years.

The bill approved unanimously by lawmakers of the Agriculture, Forestry, Maritime Affairs and Fisheries Committee is expected to pass without opposition in a plenary session.

The Ministry of Agriculture and Forestry also passed a bill on Tuesday that is likely to freeze the so-called target price for an 80-kilogram sack of rice at around 170,000 won ($179).