Inter-Korean Economic Agreements to go into Effect Next Month

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Last updated at: (Beijing Time) Friday, August 01, 2003

Inter-Korean Economic Agreements to go into Effect Next Month

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South Korea and the Democratic People's Republic of Korea (DPRK) agreed Thursday to put into effect a set of bilateral four economic agreements early next month after exchanging the ratified agreements on Aug. 6.

This was agreed at the end of a three-day inter-Korean economic talks held in Kaesong, a DPRK near-border city, on Thursday.

In a joint statement released after the talks, the two sides also agreed to designate settlement banks for bilateral trade.

In December 2000, the two countries reached four agreements on protecting investment in the DPRK, eliminating double taxation, settlement of commercial disputes and clearance of debts, respectively.

South Korea's National Assembly ratified the four agreements inlate June and the DPRK has also reportedly completed the ratification process in its Supreme People's Assembly.

However, the two sides failed to narrow their differences over the safe passage of South Korean civilians traveling to Kaesong for construction work on an industrial park.

South Korea's Hyundai business group has been building the massive Industrial Complex for South Korean businesses seeking to relocate their garment, footwear and other labor-intensive plants since June this year.

The heavily-fortified inter-Korean border has been closed to civilian crossings since the end of the 1950-53 Korean War.

South Korea and the DPRK also failed to reach an agreement on the formation of a trade arbitration committee tasked with overseeing bilateral trade disputes.

But the result of the economic talks will make for the inter-Korean ongoing economic exchanges.

In order to commemorate the Joint South-North Declaration signed by former South Korean President Kim Dae-jung and DPRK top leader Kim Jong Il in June 2000, the two countries symbolically made a ground breaking ceremony of the Kaesong Industrial Complex in late June.

During the three-day talks, the three-member South Korean delegation crossed the inter-Korean border by bus to reach Kaesongvia a temporary road built across the border, and returned to South Korea every day after sessions.

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