The 5th Meeting of Inter-Korean Economic Cooperation Promotion Committee - Pyongyang ( May 23, 2003 )
2003-06-09
(The following is an unofficial English-language translation of the text of agreement reached at the end of the fifth meeting of the South-North Economic Cooperation Promotion Committee.)
The fifth meeting of the South-North Economic Cooperation Promotion Committee was held in Pyongyang from May 19 to May 23, 2003.
In the meeting, the two parties agreed to actively promote economic cooperation in a way to enable a balanced economic development and common prosperity for all Koreans pursuant to the basic spirit of the June 15, 2000, South-North Joint Declaration, and agreed as follows:
1. The South and the North will hold ceremonies connecting the Seoul-Sinuiju and the Donghae (East Sea) Railways at the respective points of connection on the Military Demarcation Line around June 10 and make active efforts to finish the work to connect the railways and the roads at an earliest possible date by continuing the work.
2. The South and the North will ensure that the ground-breaking ceremony for the construction of the Gaeseong Industrial Complex will be held in the latter part of June as soon as an agreement is made between the parties involved, and that they will actively cooperate so the complex may enjoy international competitiveness.
3. The South and the North will conduct joint surveys for the prevention of flood damage along the Imjin River in June as soon as military steps are taken to guarantee their work, and put a flood forecast system in place before the arrival of the flood season. The North, in preparation for this year's rainy season, will provide the South with necessary advance notification concerning the release of water from the Imnam Dam.
4. By taking necessary procedures, the South and the North will put into effect as soon as possible the four agreements that will institutionally guarantee economic cooperation, the South-North maritime agreement, and the agreement on communication, customs and quarantine for the construction of the Gaeseong Industrial Complex.
5. The South and the North will take necessary steps to reinvigorate the Mt. Geumgang tourism project and make active efforts to resume the overland and sea tourism of Mt. Geumgang during the month of June.
6. The South and the North will promote humanitarian cooperation under the principles of compatriotism and mutual assistance, and the South will provide the North with 400,000 tons of rice in the form of a loan.
7. The two parties will hold the sixth meeting of the South-North Economic Cooperation Promotion Committee in the latter half of August in Seoul. Working-level discussions and contacts under the Committee will be held in either Gaeseong or Munsan as agreed between the two sides
Source : www.korea.net
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