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7th Meeting of North-South Committee for Promotion of Economic Cooperation

KCNA

    Pyongyang, November 8 (KCNA) -- The 7th meeting of the North-South Committee for the Promotion of Economic Cooperation was held here from November 5 to 8 according to the agreement reached at the 12th north-south ministerial talks. At the meeting both sides proposed issues arising in actively promoting the immediate economic cooperation for the balanced development of the national economy in the idea of "By our nation itself" and carried on discussions.
    The meeting adopted an agreement signed separately by Choe Yong Gon, vice-minister of Construction and Building Materials Industries and chairman of the north headquarters of the committee, and Kim Kwang Rim, vice-minister of Finance and Economy and chairman of the south headquarters of the committee, who headed the delegations of the two sides.
    According to the agreement, the north and the south decided to take positive practical measures including the provision of equipment and materials needed for the railway and roadbed projects in the sections of the rail and road links to be reconnected on the East and West coasts scheduled to be completed by the end of this year at the first phase.
    The 8th working contact for the reconnection of rail and road links is expected to be made in Sokcho from December 2 to 5.
    The agreement calls for instituting and proclaiming detailed regulations necessary for building the Kaesong Industrial Zone in such a way as to make it rise as a zone with international competitiveness, winding up the designing of one-million pyong development area at the first phase, etc. before the end of this year, start the infrastructure construction from the beginning of the next year and forming and operating an industrial zone management body as early as possible.
    The north and south also decided to have trade on the trial basis of clearing account from 2004, effectuate the north-south agreement on marine transport and conclude its supplementary agreement and wind up as early as possible the discussion on the agreement on the flood control in the River Rimjin now under consultation by the way of exchanging documents.
    It was decided to hold a working consultative meeting to confirm the origin of goods exchanged between the north and south on a trial basis and the 4th meeting of the arrangement-making panel for economic cooperation to discuss and settle the issue of the passage through Kaesong and the area of Mt. Kumgang, etc. in Pyongyang or Kaesong between late November and early in December.
    The 8th meeting of the North-South Committee for the Promotion of Economic Cooperation is scheduled to take place in Seoul from March 4 to 7, 2004.