Revisions to the Grain Management Act, which had been vetoed by the previous Yoon Suk Yeol administration, passed the National Assembly’s Legislation and Judiciary Committee on Friday by agreement between the ruling and opposition parties.
 
The rival camps also voted to pass revisions to the Act on Distribution and Price Stabilization of Agricultural and Fishery Products.
 
According to the revision of the Grain Management Act, the government will purchase excess rice stocks if either rice production or a fall in its prices exceeds a certain level.

The revision to the Act on Distribution and Price Stabilization of Agricultural and Fishery Products will require the government to compensate farmers for some or all of the difference if the market price of major agricultural and fishery products, including rice, falls below a base price.
 
The National Assembly is expected to pass both revision bills during a plenary session on August 4.