The purpose of this paper is to suggest issues of South and North Korea`s common fisheries policy that is expected to be realized in the process of economic integration between the two countries. The paper has shown feasible policy alternatives of fisheries cooperation according to the steps of economic integration between the two countries. The paper has examined the possibilities and economic effects of several policy alternatives as follows : South Korea`s fishing in North Korea`s fishing area with fishing fee, limited reciprocal fishing in the opposite countrie`s fishing zone, joint, ventures between two countries, and South and North Korea`s common fisheries policy.