MAIN PAGE | SPEECHES & EDITORIALS | 2000 | NORTH-SOUTH KOREAN SUMMIT
PACIFIC BASIN ECONOMIC COUNCIL
MAIN PAGE | SPEECHES & EDITORIALS | 2000 | NORTH-SOUTH KOREAN SUMMIT
The North-South Korean Summit and PBEC
THE SUMMIT MEETING BETWEEN President Kim Dae-Jung and the North Korean leader, Kim Jong-Il, was an historic event, which could irreversibly alter the geo-political climate of the Korean peninsula and the North Asian region. Such a change would in fact have profound effects on the entire global scene, as all of the four largest superpowers of the world are involved in the region. Since the armistice that ended the fighting of the Korean conflict, North Korea has remained the last vestige of the East-West clash, the stand-off representing the greatest potential for armed conflict in the world. Pursuit of peaceful business cooperation seemed very much out of the realm of reasonable expectations. The summit meeting changed that perception overnight, with live television coverage of the hitherto reclusive Kim Jong-Il as an unexpectedly gracious host beamed to the outside world. The North now appears willing to seek an increased opening to the outside, both in diplomatic and economic fronts. In the five-point agreement reached at the Summit, both Koreas in effect recognize each other as an established governing state and call for "economic cooperation for a balanced development." This opens the door for continued dialogue between the two parties. While it is too early to predict the future course of this new development, the mere fact that both parties agreed to talk is considerable progress from the days of constant fear of imminent fighting, and raises at least the hope of a peaceful solution. North Korea recently has been making efforts to repair its strained relations with its traditional allies, Russia and China, as well as opening new diplomatic relations with Italy, Australia and the Philippines. These are indeed very hopeful signs. As the North increases business and cultural interaction with the outside world, the gap between it and other nations will narrow and prospects for a unified Korea will grow. If nothing else, the interaction reduces the tension and the danger for an armed conflict while promoting business opportunities for all willing parties. The economic needs of North Korea are enormous. As it has been unable to make investment in social infrastructure, the economy of the North sags badly with its per capita income a mere one-eighth of the South. The Korea summit portends the dawn of a new era. The world community has an opportunity to enhance peace by embracing North Korea and encourage its economic development through peaceful pursuit. PBEC and its members should take the initiative in this worthy enterprise. We should engage North Korea with open arms and encourage it to join the international community, such as through the IMF, and make the effort to participate in the global economy as a full-fledged member. The companies and the members of PBEC should develop economic ties with North Korea through investment and trade. My fond dream is to close a circle of peace and prosperity around the entire Pacific Rim. Such a development would also open the door eventually to a unified Korea, which is destined to be one nation, as it has been through most of its history of many millenniums. |
