Joint committee to be set to handle inter-Korean business disputes

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Last updated at: (Beijing Time) Monday, October 13, 2003

Joint committee to be set to handle inter-Korean business disputes

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South Korea and the Democratic People's Republic of Korea (DPRK) agreed Sunday to establish a joint committee to handle cross-border business disputes, paving the ground for closer inter-Korean economic cooperation.

The agreement on the establishment of an inter-Korean commercial arbitration committee was reached during a two-day economic meeting ended Sunday in Munsan in South Korea near inter-Korean border, some 30 kilometers north to Seoul, reported South Korean Yonhap News Agency.

Notably, the agreement states that decisions made by the arbitration panel cannot be challenged by courts in either country.Both Seoul and Pyongyang will respectively appoint a chairman and four members to the panel to arbitrate in inter-Korean commercial disputes.

Im Kyung-rok, the chief representative for South Korea at the inter-Korean talks, said that the two sides also made progress on the provision of safety guarantees for South Korean visitors to Mount Geumgang, a scenic DPRK resort mountain, and the Kaesong Industrial Complex that will be built as a special investment and development zone for South Korean investors, said Yonhap.

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