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Meeting of North-South Committee for Economic Cooperation Held

Korean Central News Agency of DPRK via Korea News Service (KNS)

   Jeju Island, June 6 (KCNA Correspondent) -- The 12th meeting of the North-South Committee for the Promotion of Economic Cooperation took place on Jeju Island from June 3 to 6. Present there were the members of the north side's delegation led by Ju Tong Chan, vice-chairman of the National Economic Cooperation Committee who is the north side's chairman of the North-South Committee for the Promotion of Economic Cooperation, and its suite members and members of the south side's delegation with Vice-Minister of Finance and Economy Pak Pyong Won who is the south side's chairman of the committee as chief delegate and its suite members.
    At the meeting both sides discussed issues of boosting the north-south economic cooperation in the common interests of the nation in the basic spirit of the June 15 North-South Joint Declaration and adopted an agreement.
    According to the agreement, the north and the south agreed to adopt an "agreement on cooperation in the efforts to develop light industry and underground resources between the north and the south" and put it into force as early as possible depending on the conditions to be created, as regards the implementation of the first paragraph of the agreement of the tenth meeting of the inter-Korean committee.
    They also agreed to discuss and promote the digging up of sand in the lower reaches of the River Rimjin depending on the provision of a military guarantee and create all conditions so that the Kaesong Industrial Zone may have an international competitive edge.
    They decided to have the first working contact in Kaesong from June 26 to 27 for flood control in the River Rimjin for the purpose of examining separate survey results and discussing the plan for joint survey and a flood warning mechanism and actively cooperate with each other in jointly preventing natural disasters such as flood, forest fire and yellow dust. They also agreed to have another working contact in Kaesong within July to have a specific discussion.
    The north and the south agreed to discuss the issue of jointly advancing into the third country in the field of developing economy and natural resources at a working contact in Kaesong within July and exchange economic study groups upon the effectuation of the "agreement on cooperation in the efforts to develop light industry and underground resources between the north and the south."
    Both sides also agreed to discuss and confirm by way of exchanging documents the schedules for the working contacts for holding panel meeting for cooperation in fisheries and discussing the proposal for scientific and technological cooperation. They also agreed to discuss and confirm by the above-said method lists of members of the committee for the arbitration of business disputes for the stable promotion of north-south economic cooperation and those of the joint committee for ensuring the entry of persons into Kaesong and Mt. Kumgang and their exit from there and their sojourns and schedules of meetings.
    The north and the south agreed to hold the 13th meeting of the North-South Committee for the Promotion of Economic Cooperation in Pyongyang within September 2006 and consult and fix its date by way of exchanging documents.