FOUR COUNTRIES ARE TO CREATE ECONOMIC COOPERATION ORGANIZATION

Ulaanbaatar /MONTSAME/ Export-import banks of Mongolia, the Republic of Korea, China and Russia signed an agreement to establish Northeast Asian Export-Import Banks Council on September 18 in Yanji, China, said on Friday "businesskorea.co.kr" website. Accordingly, at the next summit to be held in S.Korea, the international organization establishment agreement will be signed. "The Ministry of Strategy and Finance announced on Sept. 18 that participating countries of the Greater Tumen Initiative (GTI) agreed to transform GTI into an international organization to initiate economic cooperation in Northeast Asia by 2016, thus summit ran in Yanji, China on this September 17". The four countries agreed to develop transportation in land and sea routes, facilitate the trading among Northeast Asian countries, solve the power transmission problems, and analyze the business feasibility of coal extracted synthetic natural gas supply through a joint statement. On this day, an inaugural assembly of "Northeast Asian Export-Import Banks Council", in which export-import banks of the four countries participated, was held to adopt a basic agreement on cooperation among the banks for joint project explorations and supportive loans.