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Inter-Korean Meeting and Working Contact Held

Korean Central News Agency of DPRK

    Kaesong, June 25 (KCNA) -- The second meeting of the Panel for the Construction of the Kaesong Industrial Zone and the second working contact of banks for the settlement of accounts between the north and the south were separately held in Kaesong on June 24 and 25. At the second meeting of the panel both sides published a joint press release after discussing urgent issues such as electricity, communications, water and waste disposal, customs, quarantine and others to successfully promote the development of the zone.
    At the second working contact both sides adopted an agreement after discussing the issue of accounts settlement between the Foreign Trade Bank of the north and the Import and Export Bank of the south.
    The adoption of the agreement which deals in detail with technical issues such as object of settlement, period, the opening of an account with a bank, procedures and method of settling, its effectuation and renewal provides a guarantee for the trade by way of accounts settlement between the north and the south.