In the framework of WTO agreements to open the rice import market starting January 2015, the South Korean Government has announced the increase of fixed direct subsidies to rice farmers to around 1 million won (around USD 954) per hectare, up 10 percent from the current 900 000 Won (around USD 859) per hectare. In addition, direct subsidies for the next winter paddy crop will be increased to some 500 000 Won (around USD 477) per hectare, from the current 400 000 Won (around USD 382) per hectare. Other measures include the reduction of interest rate on 11 different policy loans by about 0.5 percent to 2 percent. A total of 15.1 billion Won (around USD 14.4 million) has been earmarked in the next year's budget to cover the expenses related to direct subsidies and the Government is also considering imposing the highest tariff rate allowed by the World Trade Organization (WTO) to protect local farmers.