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Enlarging inter-Korean economic cooperation : Status and prospects

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  • Enlarging inter-Korean economic cooperation
  • Yeon, Hacheong
  • Korea Development Institute
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Title Enlarging inter-Korean economic cooperation
Similar Titles
Sub Title

Status and prospects

Material Type Reports
Author(English)

Yeon, Hacheong

Publisher

Seoul:Korea Development Institute

Date 1992
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Administration
Holding Korea Development Institute

Abstract

"In order to increase economic exchange-cooperation between South Korea and North Korea, the following conditions must be satisfied. First, an institutional apparatus should be set up on the basis of the government agreement between South and North Korea to determine feasible areas of economic exchange-cooperation. Second, North Korea`s misunderstanding on absorptive unification should be addressed through proper consensus on the need for mutual economic cooperation. Third, inter-Korean trade should eventually be acknowledged as domestic trade in international society. Fourth, the two koreas ought to ease their hostile relations. Finally, North Korea must face economic reality and pursue inter-Korean economic relations.
In order to propel substantial inter-Korean economic exchange-cooperation and to protect private enterprises, the South Korean government should come to an agreement on the following matters with the North Korean government in the ""Basic Agreement""; first, technical matters such as choice of trade and cooperation partners, customs clearance, transportation means, and establishment of supplementary facilities for trade; second, matters regarding international trade system such as indication of the place of origin and inter-Korean trade`s relationship with GATT; third, basic matters regarding economic cooperation such as how to choose projects and their scale, pattern, and style; fourth, financial matters such as investment safety guarantee, remittance of profits, imposition of rent for land and other resources, apportionment of profits, treatment of tariff, income tax, and corporation tax, and determination of settlement of trade like clearing account; fifth, matters regarding mutual cooperation in overseas economic relationship such as joint ventures in third countries; sixth, matters regarding settlement of disputes on inter-Korean economic exchanges and cooperation."