S. Korea to commit 150,000 tons of rice annually for Southeast Asia

SEOUL (Yonhap) - South Korea will sign an agreement with 10 Southeast Asian countries this week to set aside 150,000 tons of rice each year from its national reserve to be used as emergency aid, the government said Wednesday.
The agreement, which will also be signed by Japan and China, seeks to set up an emergency relief system with 10 member countries of the Association of Southeast Asian Nations (ASEAN).
Under the ASEAN Plus Three Emergency Rice Reserve (APTERR) system, the countries will have 787,000 tons of rice earmarked annually to help stabilize prices of the staple grain in the region in case of natural disasters or unexpected price hikes, according to the Ministry of Food, Agriculture, Forestry and Fisheries.
The agreement will be signed on Friday at a meeting of the agricultural ministers from the 10 ASEAN countries and the three Northeast Asian states -- South Korea, Japan and China -- to be held in Jakarta, Indonesia.
South Korea will be represented by Kim Jong-jin, director for trade policy at the agriculture ministry.
"The country will significantly improve its reputation in the international community by committing 150,000 tons of rice, which accounts for nearly 19 percent of the 787,000 tons to be earmarked for the APTERR system annually," the ministry said in a press release.
In addition, South Korea, Japan and China will each provide US$1 million over the next five years to create a $3-million operational fund for the system, along with $75,000 annually for the next five years for the operation of the fund's new headquarters, the ministry said.