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Inter-Korean Panel Meeting Held

KCNA

    Phaju, October 12 (KCNA Correspondent) -- The 3rd meeting of the North-South Arrangement-Making Panel for Economic Cooperation took place in Phaju, south Korea on Oct. 11 and 12. At the meeting both sides discussed technical issues of providing an institutional guarantee for effecting the north-south economic cooperation in the basic spirit of the June 15 joint declaration and published the following joint press release:
    The north and the south have discussed the issue of organizing and operating a north-south committee for the arbitration of business disputes according to the "North-South Agreement on the Procedures for the Settlement of Business Disputes" and adopted an "agreement on organizing and operating the North-South Committee for the Arbitration of Business Disputes".
    They agreed to form and operate a working council for the implementation of the "Agreement on the Procedures to Confirm the Origin of the Goods Transacted between the North and the South" as early as possible. It was agreed that the council would be made up of three persons, its chief delegate being department director or section chief.
    Both sides agreed to conduct on a trial basis in the middle of November a work of confirming the origin of those products already transacted between them on a regular basis and discuss the date and venue of the working consultation at the meeting of the North-South Committee for the Promotion of Economic Cooperation.
    Both sides agreed to further the consultations about the order regarding the entry into and stay in the Kaesong Industrial Zone and the tourist area of Mt. Kumgang by way of exchanging documents. They also decided to discuss at the next meeting a credit limit to the settlement of accounts, selection of items of goods, interest rate and other issues for the implementation of the "Agreement on the Settlement of Accounts between the North and the South" and let banks for the settlement of accounts have a working contact to discuss specific procedures and methods.
    Deeming it beneficial to exchange ordinances and regulations necessary for satisfactory inter-Korean economic cooperation, they agreed to exchange them at an appropriate time.
    It was agreed to decide on the venue and date of the 4th meeting of the panel at the 7th meeting of the North-South Committee for the Promotion of Economic Cooperation.