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Agreement of 7th Meeting of Inter-Korean Economic Cooperation Promotion Committee - Pyongyang ( November 08, 2003 )

ROK Ministry of Unification
2003-11-13

Agreement of the Seventh Meeting of the Inter-Korean Economic Cooperation Promotion Committee

The South and the North held the seventh meeting of their Economic Cooperation Promotion Committee in Pyongyang from November 5 to November 8, 2003.

In the meeting, the two sides discussed problems that might arise in the course of actively promoting economic cooperation projects under the basic spirit of the June 15, 2000 South-North Joint Declaration, and agreed as follows:

1. The South and the North will actively devise practical measures like supplying materials and equipment for track laying and roadbed construction between the segments of the Seoul-Sinuiju and Donghae (East Sea) railways and roads that are scheduled for completion by the end of this year on a priority basis.

For this, the two sides will make mutual visits to the other side's work sites of the Seoul-Sinuiju Railway on December 8, 2003, and of the Donghae Railway on December 2, respectively. Detailed procedures and methods will follow the rules set forth in the attached Supplements.

The eighth working-level contact for the connection of railways and roads will be held in Sokcho (South Korea) from December 2 to December 5, 2003.

2. To promote the development of the Gaeseong Industrial Complex in a way to nurture international competitiveness, the South and the North will enact and implement relevant subordinate provisions and complete the design for the first-stage 1 million-Pyeong (3.3 million square meters) development zone within this year. They will begin construction of the infrastructure early next year and establish and operate an industrial complex management organization at an early date.

And the two sides will develop a model industrial complex measuring 10,000 Pyeong (33,000 square meters) within the first half of 2004.

3. The South and the North will conduct settlement clearance transactions on a trial basis beginning 2004 and hold working-level discussions about this in Pyongyang late in November 2003.

4. The South and the North will settle at an early date the issue of giving with effect to the Inter-Korean Shipping Agreement and the conclusion of its annex agreement as well as the discussion about the agreement related to the prevention of flood damage along the Imjin River, now under consultation for the exchange of instruments.

5. The South and the North will establish an office within the first half of next year for consultations of practical matters arising from economic cooperation projects such as expanded direct transactions in the Gaeseong Industrial Complex.

6. The South and the North will hold the fourth meeting of their economic cooperation system working-level council in Pyongyang or Gaeseong between late November and December 10, 2003, to discuss at the working-level and settle within this year a demonstration program for the place of origin for goods being traded between the two Koreas and settle the issue of traffic to and from the Gaeseong and Mt. Geumgang areas.

7. The eighth meeting of the Inter-Korean Economic Cooperation Promotion Committee will be held in Seoul from March 4 to March 7, 2004.

November 8, 2003