Koreas agree to cooperate in light industry sector

Korea Herald
7/8/2007

South and North Korea on Saturday agreed on ways to cooperate in light industry and natural resource exploration.

The two Koreas announced they would carry out the written agreement following talks held in the North Korean border city of Gaeseong from Friday, Yonhap News Agency reported.

The talks came as North Korea moves closer to shutting down its main nuclear facilities.

“It took quite a long time for the two sides reach a compromise on prices on a list of items,” a Unification Ministry official said.

In Friday’s overnight talks, North Korea agreed to accept the materials at the price South Korea suggested. The North will pay the costs for transportation, cargo working and demurrage, while the South is to bear all the costs for shipping, insurance and using ports.

The South Korean side estimated these incidental expenses would be less than $4 million equivalent to five percent of the total cash price of items to be supplied to North Korea.

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