China and North Korea aim to clear legal hurdles to revive border regions with joint economic plans
- Rapprochement on the Korean peninsula an opportunity to boost languishing Chinese region
- Lawyers from the two countries review the legal issues to be addressed before projects can come back to life
China and North Korea are officially examining each others’ legal systems regarding trade and foreign investments – a sign of further accelerating economic cooperation at the border regions.
Lawyers from the two countries have attended seminars designed to improve their understanding of economic, trade and investment laws.
Last week, senior representatives of Beijing law firm Deheng Group were in Pyongyang for a seminar with North Korea’s Foreign Economic Law Consultation – a legal service agency run by the foreign trade ministry. The week before, a similar seminar took place in Beijing’s Jinglun Hotel between Deheng Group and North Korea’s Koryo law firm, “to enhance the legal systems of the two countries”.
A legal professional close to Deheng Group said China and North Korea were preparing to revive stalled cooperative border projects to boost the region’s economies.
“Legal issues must be closely reviewed and examined before any major projects can proceed … It is a sign that China-North Korean economic cooperation will be further strengthened,” the source said.
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Executive vice-chairman Hu Ming and partner Li Guangxing, of Deheng Group attended the Pyongyang seminar where lawyers from both sides reviewed their domestic laws on special economic zones, international trade, and international arbitration for foreign investments.
