Agreement of 2nd Meeting of Inter-Korean Consultations on Economic Cooperation System - Gaeseong ( July 31, 2003 )
ROK Ministry of Unification
2003-08-04
The South and the North held the Second Meeting of their Working-level Consultations on Economic Cooperation System in Gaeseong from July 29 to July 31, 2003.
The two parties discussed institutional guarantees designed to further vitalize economic cooperation between them in accordance with the fundamental spirit of the 6.15 (June 15, 2000) South-North Joint Declaration and agreed as follows:
1. The South and the North will exchange written notices giving effect to the four Agreements on Inter-Korean Economic Cooperation, signed on December 16, 2000, through the liaison officials at Panmunjom on August 6, 2003.
2. The South and the North adopted the Agreement on Certificate of Origin Procedures for Goods Being Traded Between the South and the North.
3. The South and the North, pursuant to the Agreement on Clearance of Accounts Between the South and the North, selected the Korea Export-Import Bank and the Trade Bank of the Democratic People's Republic of Korea as their respective banks of account clearance.
4. The South and the North exchanged opinions broadly about the formation and operations of a commercial arbitration commission and passage to and from the Gaeseong and Mt. Geumgang areas, and agreed to continue discussions on the matters through exchanges of documents.
5. The venue and date of the third Meeting of the Inter-Korean Working-level Consultations on Economic Cooperation System will be decided on later through exchanges of documents.
July 31, 2003
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