Gov't To Purchase 350,000 Tons Of Rice For Reserves

The government will buy 350,000 tons of rice this year that will be set aside for reserve purposes and overseas aid, the agriculture ministry said Wednesday.

SEOUL, (UrduPoint / Pakistan Point News - 19th Sep, 2018 ) :The government will buy 350,000 tons of rice this year that will be set aside for reserve purposes and overseas aid, the agriculture ministry said Wednesday.

The Ministry of Agriculture, Food and Rural Affairs said it will buy the rice that can also help maintain the market price of the staple grain at a certain level.

The ministry said it will confirm the purchase price in December after reflecting the market situation and provide the money to local farms within this year.

Some 10,000 tons of rice will be set aside for the ASEAN Plus Three Emergency Rice Reserve (APTERR) as Seoul plans to send rice aid to developing nations, the ministry said.

Launched in 2013 by 10 countries of the ASEAN and the three Northeast Asian countries of South Korea, Japan and China, the APTERR is aimed at safeguarding the region's food security in case of emergencies, such as floods and droughts.

The APTERR participation is part of the Seoul government's broader scheme to deal with a chronic oversupply of rice in the country stemming from a sharp drop in rice consumption.