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Agreement at the Third inter-korean Economic cooperation Promotion Committee - Pyongyang ( November 09, 2002 )

2003-02-24

The third meeting of the Inter-Korean Economic Cooperation Promotion Committee took place from November 6 to 9, 2002 in Pyongyang .

At the meeting, the two sides exchanged views on immediate issues of further activating economic cooperation according to the spirit of the June 15 Joint Declaration and agreed as follows.

1 . The South and the North will take measures to simultaneously and rapidly push forward the projects of reconnecting the railroad and road links in the east and west coastal areas.

a) The South and the North will reconnect the Seoul-Shinuiju railroad and road links to the Gaesong Industrial Complex and reconnect the eastern railroad and road links to Mt. Geumgang area as a first phase construction so that technical measures can be taken to revitalize Mt. Geumgang tourism and to push ahead with the construction of the Gaesong Industrial Complex.

For such connection, following the agreement reached by the militaries of the two sides, the two sides will decide on the points of connection following a joint survey in November. Dates and procedures will be discussed between the two sides through exchanges of documents, and the two sides agree to exchange schedules for construction and notify each other of the progress of construction on a regular basis.

b) The South and the North will hold a working-level contacts in mid-November in Mt. Geumgang to discuss and resolve any pending issues related to rail and road connection.

2 . The South and the North will actively cooperate to begin and implement the construction of the Gaesong Industrial Complex in the latter half of December in 2002.

a) The North will promulgate the law on Gaesong Industrial Complex in mid-November and the South will begin necessary infrastructure construction in a commercial way at an early date.

2) The two sides will hold working-level contacts in early December to discuss and resolve pending issues concerning the construction of the Gaesong Industrial Complex.

3 . The South and the North will hold working-level contacts to adopt an agreement on cooperation in marine transportation, including the passage of the territorial waters of the other side by civilian cargo vessels and their safe voyage, in Mt. Geumgang on November 1 9 ; and the two sides will hold working-level contacts to discuss the use of part of the North Korean fishing ground in the East Coast by South Korean fishermen, in Mt. Geumgang at the earliest possible date.

4 . The South and the North agree to simultaneously effectuate the four agreements already reached on guaranteeing an institutional framework concerning economic cooperation at an early date, following the necessary legal procedures of each side.

The two sides will hold a meeting by the working-level consultative committee on institutional framework for economic cooperation, in mid-December in Seoul, to discuss matters related to the follow-up measures for the four agreements, cross-border travels and certification of origin.

5 . The South and the North will make efforts to ensure that a South Korean economic survey mission can visit the North.

6 . The fourth meeting of the Inter-Korean Economic Cooperation Promotion Committee will be held in early February 2003 in Seoul.

November 9, 2002

Source : www.korea.net