Post-Panmunjeom Declaration Achievements
Post-Panmunjeom DeclarationAssessments Peace becoming part of everyday lives
In 2017, the Korean Peninsula saw recurring volatile crises caused by North Korea’s nuclear testand 15 ballistic missile launches, escalating the threat of war to a new height. The risk of accidentalconfrontation persisted due to the lack of communication channels between the militaries of thetwo Koreas and those of the North and the United States.
The April 27 Panmunjeom Declaration for Peace, Prosperity and Unification of the KoreanPeninsula, however, culminated in agreement that the North would discuss the completedenuclearization of the Peninsula and establishment of a permanent and solid peace regime withthe South and the United States. It has made it possible for the Korean people to completely escapethe fear of war and for peace to become the norm. As a result, problems associated with the so-called“Korea discount” began to show signs of abating.
Foreign investors are piling billions of dollars into South Korean bonds as the local currencystabilizes and tensions with North Korea appear to wind down. South Korea has turned out tobe “the only bright spot” in the emerging debt market of Asia this year as more than $16 billionof foreign money has flown into it. Bloomberg, May 8, 2018
This past year, North Korea has conducted no nuclear test or missile launch. The North took initialsteps to remove the risk of war on the Korean Peninsula at its roots by dismantling its nuclear andmissile test sites.
Moody’s Senior Credit Officer Christian de Guzman said on May 1 that if irreversible measuresfacilitating inter-Korean reconciliation continued, it would have a positive impact on South Korea’scredit rating.
The restoration of the suspended cross-border military hotline and talks between South and NorthKorean military authorities will help gradually build military trust and eliminate the possibility ofan accidental clash.
Mutual trust and respect basis for new normalization
of inter-Koreanrelations and more frequent talks
The first inter-Korean summit in 11 years and the Panmunjeom Declaration have enabled inter-Korean relations to launch a new beginning, going beyond a simple restoration of ties.
Since the turn of this year, inter-Korean relations have been progressively restored througha series of events, including North Korean athletes’ participation in the PyeongChang WinterOlympics, reciprocal visits by special envoys between the two Koreas and mutual visits andperformances by South and North Korean art troupes. In the process of implementing thePanmunjeom Declaration, high-level, sector-specific inter-Korean talks and meetings have beenheld and regularized, institutionalizing the framework for consultations between South and NorthKorea.
The leaders of the two Koreas have also established a relationship based on mutual trust to theextent that they can easily call and casually agree to meet on short notice. They went so far as toskip cumbersome procedures and formalities to hold their second summit on May 26.
The spontaneous offer by Kim to meet, and Moon’s quick acceptance, showed how close thetwo leaders have become. The Guardian, May 27, 2018
Both Koreas restoring sense of common identity naturally throughexperiences shared by residents in South and North
Inter-Korean exchanges and cooperation in various areas, for instance through the July 2018South-North unification basketball games and the forming of joint teams for the 2018 Asian Games(August 18-September 2), will help increase opportunities for South and North Koreans to meetand restore a sense of commonality.
The two sides held reunions for families separated by the division of Korea for the first time inthree years. The reunions may have helped heal the wounds of those who have lived with painand sorrow, albeit in a small way.
More contact between North Korea and international community on allfronts
With the Panmunjeom Declaration as a catalyst, the historic North Korea-United States summitwas held and the Singapore joint statement adopted. Increasing opportunities for talks andcontacts between North Korea and many other countries will provide opportunities for the Northto become a member of the international community.
If anyone deserves credit for this achievement it is South Korean President Moon, whosefingerprints are all over the Trump-Kim statement…Bringing these two impulsive andheadstrong leaders together was a remarkable achievement. Reuters, June 13, 2018
After months of rapprochement—including summit meetings between North Korean leaderKim Jong Un and South Korean President Moon Jae-in, and one between Mr. Kim and PresidentDonald Trump—hopes are rising for more open access to North Korea, a country of 25 millionpeople with vast mineral reserves and lots of cheap labor. Wall Street Journal, July 23, 2018
As North Korea’s leader Kim Jong Un develops relationships with other nations throughsummit diplomacy, global financial institutions have shown a willingness to help him growNorth Korea’s economy. The International Monetary Fund, with a lending capacity of nearlyUS$700 billion for its current 189 member countries, would “seek to be helpful” should NorthKorea want to join the institution, an IMF official told the South China Morning Post this week. SCMP, July 13, 2018
