Article 1 
The Exchange of Letters recording the common understanding reached on the accession of the Republic of Korea to the common understanding on the principles of international cooperation in research and development activities in the domain of intelligent manufacturing systems (IMS) between the European Community and the United States of America, Japan, Australia, Canada, Norway and Switzerland is hereby approved on behalf of the Community. The text of the Exchange of Letters is attached to this Decision. Article 2 The President of the Council is hereby authorised to designate the person(s) empowered to sign the Exchange of Letters in order to bind the Community. Done at Brussels, 28 May 2001. For the Council The President T. Östros (1) Opinion delivered 3 April 2001 (not yet published in the Official Journal). (2) OJ L 161, 18.6.1997, p. 2.
Article 2 
The President of the Council is hereby authorised to designate the person(s) empowered to sign the Exchange of Letters in order to bind the Community. Done at Brussels, 28 May 2001