The historic meeting by the United States President Donald Trump and Kim Jong UN ended with both parties signing an agreement on denuclearization of the Korean Peninsula. However, the outcome of the meeting have been greeted by divergent views. The North Atlantic Treaty Organisation (NATO) has applauded the meeting, saying it is a step in the eight direction. The Secretary General of NATO, Jens Stoltenberg, called for a Korean peninsula free from nuclear weapons. “NATO welcomes the historic summit. NATO strongly supports all efforts leading towards the eventual denuclearisation of the Korean peninsula,” Stoltenberg said.
In the same vein, the Japan’s Prime Minister Shinzo Abe has praised Kim’s promise to rid the Korean peninsula of nuclear weapons. He said, “There is great meaning in chairman Kim’s clearly confirming to President Trump the complete denuclearisation of the Korean Peninsula,” Abe told reporters after speaking to the US president about the historic US-North Korea summit in Singapore.
Abe also said they would require the strong support of the US to resolve the issue of Japanese citizens abducted by North Korea.
On his part, the United Nations Boss, Antonio Guterres, called on the international community to offer support on carrying out the agreement on steps toward denuclearisation between the United States and North Korea.
“Implementing today’s and previous agreements reached, in accordance with relevant Security Council resolutions, will require patience and support from the global community,” UN spokesman Stephane Dujarric said in a statement.
However, South Korean leader. Moon Jean an said, yesterday, that it needs to seek clarity on Trump’s intentions, after he said Washington will stop joint military exercises.Trump made the remarks after his summit with North Korean leader Kim Jong-un in Singapore.
“At this point, we need to find out the precise meaning or intentions of President Trump’s remarks,” a spokesman said.
But the Spokesperson for the US Army in South Korea said the army has not received directive to stop military drills.
“In coordination with our ROK partners, we will continue with our current military posture until we receive updated guidance from the Department of Defense (DoD) and/or Indo-Pacific Command (INDOPACOM),” said Lieutenant Colonel Jennifer Lovett.
South Korean President Moon Jasmin vowed to write a “new history” with North Korea, praising North Korean leader Kim Jong-un’s decision to hold a summit with the US in Singapore.
“Leaving dark days of war and conflict behind, we will write a new chapter of peace and cooperation,” Moon said in a statement released by his office. “We will be there together with North Korea along the way.”
Russia has a positive assessment of the deal between US President Donald Trump and North Korean leader Kim Jong-un, but “the devil is in the detail”, TASS news agency cited Deputy Foreign Minister Sergei Ryabkov as saying on Tuesday.
“Now, we can only welcome the fact that an important step forward has been made. Of course, the devil is in the detail, and we have yet to delve into specifics. But the impulse, as far as we understand, has been given,” Ryabkov said.
Ryabkov said, Russia is ready to assist in implementing the deal – to work towards complete denuclearisation of the Korean peninsula – and hopes settling the nuclear crisis will unblock normal economic cooperation, RIA news agency quoted Ryabkov as saying.
He also said Moscow hoped that six-party talks – a negotiation format involving the two Koreas, the United States, Russia, Japan and China – will at some point become relevant again, according to TASS.
The US arch enemy, Iranian government has warned North Korean leader Kim Jong-un that US President Donald Trump could nullify a nuclear deal with North Korea.
“We are facing a man who revokes his signature while abroad,” the Fars news agency quoted government spokesman Mohammad Bagher Nobakht as saying.
Last week, Trump withdrew his backing for a joint G7 statement en route to Singapore after he was enraged by statements by Canadian Prime Minister Justin Trudeau..
Despite the divided opinion, the US is convinced that the establishment of new U.S.–DPRK relations will contribute to the peace and prosperity of the Korean Peninsula and of the world, and recognizing that mutual confidence building can promote the denuclearization of the Korean Peninsula, President Trump and Chairman Kim Jong Un state the following:
The statement further said, the United States and the DPRK commit to establish new U.S.–DPRK relations in accordance with the desire of the peoples of the two countries for peace and prosperity.
The United States and the DPRK will join their efforts to build a lasting and stable peace regime on the Korean Peninsula.
Reaffirming the April 27, 2018 Panmunjom Declaration, the DPRK commits to work toward complete denuclearization of the Korean Peninsula.
The United States and the DPRK commit to recovering POW/MIA remains, including the immediate repatriation of those already identified.
Having acknowledged that the U.S.–DPRK summit—the first in history—was an epochal event of great significance in overcoming decades of tensions and hostilities between the two countries and for the opening up of a new future, President Trump and Chairman Kim Jong Un commit to implement the stipulations in this joint statement fully and expeditiously. The United States and the DPRK commit to hold follow-on negotiations, led by the U.S. Secretary of State, Mike Pompeo, and a relevant high-level DPRK official, at the earliest possible date, to implement the outcomes of the U.S.–DPRK summit.
The tension between North Korea and the US go back a long way and can be traced to the Korean War in the 1950s. To put it simply, the root cause of the tension is North Korea’s pursuit of its nuclear program. Since coming to power in 2011, North Korea’s leader Kim Jong Un significantly increased the speed and scope of the development of the country’s nuclear weapons and the ballistic missiles to carry them. In response, US President Donald Trump vowed to halt North Korea’s development of nuclear weapons.
In 2017, North Korea stirred up geopolitical tensions with its missile tests and the effects were felt in stock markets worldwide. The situation intensified after it successfully launched an intercontinental ballistic missile (ICBM) on 4 July, followed by another on 28 July. The ICBM test was followed by aggressive rhetoric and posturing by both US and North Korea, which kept the global market investors edgy.
The US continued to put pressure on the North Korean regime, not just by threatening a military action, but also through economic sanctions. In fact, it could manage to get China, an ally and largest trading partner of North Korea, to vote in favor of a new round of sanctions on North Korea in UN Security Council on August 5. Russia too voted in favor of sanctions.
The US – North Korea standoff should be seen not just in isolation but also in terms of how they impact the geopolitically pivotal US-China relationship. China entered the Korean War on communist Korea’s side in 1950 and since then has remained its closest ally and trading partner. Unable to achieve progress by any other route, the US has tactfully put pressure on China by talking about trade sanctions. We think China could have influenced North Korea’s decision to come to the negotiating table.
Pushed to isolation and to prevent serious economic disruption from the international sanctions, Kim announced that North Korea would refrain from any further nuclear or missile tests in March this year and paved the way for today’s meeting with US.
Has North Korea’s ruler, Kim Jong-un, made a strategic decision to trade away his nuclear program, or has he just engaged in another round of deceptive diplomacy so that the economic sanctions are reversed? This is the key question that has arisen after today’s summit between Kim and US President Donald Trump in Singapore today.
Previous statements, in 1994 and 2005, contained similar promises but those agreements broke down over differences of interpretation and spats over verification. So, while the dialogue and friendly statements are heartening, the real impact will be measured by the progress made towards the difficult and complex goal of CVID: “complete, verifiable and irreversible denuclearisation” of the Korean peninsula.
Having said that, from a pragmatic view, the first Trump-Kim summit may not be able to resolve long standing major issues between the US and North Korea all at once. As per the statement, there would be further meetings between senior officials from both countries to continue the momentum of the summit.
While sceptics will be quick to term the summit as symbolic, we think this is a good start. Diplomatic talks are any day preferred to firing of nuclear missiles.
With today’s meeting between Trump and Kim Jong un, we anticipate a near-term easing of market risk sentiment as the risk of nuclear escalation between the two countries has abated. The South Korean and Japanese markets are most sensitive to North Korean risk and would benefit most from a today’s summit if implemented in true spirit.
But the most important takeaway from this summit is that economic objectives took precedence over politics. This summit could also now lead to de-escalation of US – China trade wars as China’s mediation in the run up to the summit could have played a very important role. We can expect moderation in US’s rhetoric against China now that its purpose is seemingly served.
In the long run, however, the market will focus on economic conditions and fundamentals while experts try to discern North Korea’s commitment to denuclearization
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