SEOUL -- A joint panel composed of officials from South Korea and the Democratic People's Republic of Korea ( DPRK) on Thursday held their first meeting on dispute arbitration in the joint factory park in the border town of Kaesong, South Korea's Unification Ministry said.

The meeting, the first of this kind since 2000, was attended by five officials each from Seoul and Pyongyang. The two sides have discussed arbitration regulations and procedures in details during the meeting, according to the ministry.

The ministry viewed the meeting as a positive development for introducing international norms to protect investments and rights of companies in the complex, saying both sides agree that the arbitration system is important for solving disputes in the Kaesong complex.

South Korea has sent the arbitrator list to the DPRK and are waiting for Pyongyang's list in response.

The establishment of the panel followed the agreement made by the two sides in September last year. It works as a court for handling legal disputes with 30 arbitrators from each side.

The joint panel also decided to hold the second round of talks in the future for further discussion on the arbitration system.