South, North Korea Agree to Open Trade Office in Gaeseong Next Year
ROK Ministry of Unification
2003-11-13
South and North Korea agreed on Saturday (Nov. 8) to set up a joint office in the North's border city of Gaeseong in the first half of next year to promote inter-Korean direct trade.
The two sides issued a seven-point agreement at the end of the seventh meeting of the Inter-Korean Economic Cooperation Promotion Committee in Pyongyang on Nov. 5-8.
Agreement was made to complete designs for the 3.3 million square meter lot in the proposed industrial park in Gaeseong within this year and begin infrastructure work early next year.
Under the agreement, the two sides will also build a model industrial complex on 33,000 square meters of land within the district early next year.
In order to help the proposed industrial park gain international competitiveness, the two sides agreed to put subordinate regulations in place within this year and carry out transactions based on clearances of accounts on a trial basis from next year. They will hold working-level meetings to discuss details at the end of this month in Pyongyang.
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