[Audacious Initiative: Assessing its First Year and Discussing the Way Forward ] Revitalizing Inter-Korean Relations: Crafting a Pragmatic Approach to Implementing the Audacious Initiative

Revitalizing Inter-Korean Relations: 

Crafting a Pragmatic Approach to Implementing the Audacious Initiative 

Dongho Jo [Professor, Ewha Womans University]

► In the complex realm of international diplomacy, nuanced strategies are imperative to foster dialogue and cooperation, particularly in longstanding conflicts like the Korean Peninsula conundrum. 

► In his address to the National Assembly on 2023 Fiscal Budget on October 25, 2022, President Yoon Suk Yeol declared that “if North Korea decides to denuclearize and comes to the table of dialogue, the ROK government will provide political and economic assistance to North Korea through the ‘Audacious Initiative.’”

► One of the key initiatives that this plan proposes to implement early on in the negotiations is the Korean Peninsula Resources-Food Exchange Program (hereinafter referred to as R-FEP). The general idea behind the R-FEP is to allow North Korea, which is under strict economic sanctions, to export mineral resources within certain limits and utilize the earnings from this trade to facilitate its import of humanitarian goods such as food, fertilizer, and pharmaceutical goods.

► There is a need to refine the R-FEP to enhance its appeal to North Korea in order to facilitate its expedited return to the negotiation table.      

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