The global economy becomes increasingly unstable due to the continued US-China conflict, COVID-19 crisis, and accelerating disruptions in global supply chains resulting from the Russia-Ukraine war. On the Korean peninsula, North Korea's recent nuclear test (possibility) combined with the COVID-19 spread, makes it difficult for anyone to predict in what direction economic and security interests of neighboring countries will develop. The North Korean Economic Research Forum in May discussed the changing international landscape and the future of the Korean economy.
'Trends and Analysis' features three articles, focusing on the main outcomes of the Korea-US Summit held shortly after the launch of the new government in Korea. The articles account for what should be the core of the new government’s diplomatic strategy in the midst of the US-China competition. With respect to North Korea policy, Korea should reinforce its alliance with the US, instead of being overly concerned about China’s economic retaliation, while stepping up policy effort to find more trading partners, such as New Southern Policy from the preceding administration. At this summit, the US reaffirmed its willingness to prevent the balance of power on the Korean Peninsula from being disrupted by North Korea’s pursuit of nuclear weapons. In the era of strategic competition between the US and China, it is time for Korea to come up with ideas and capabilities that could provide both theoretical and practical interests. The articles analyze the recent changes and trends in the regional/international security environment surrounding the peninsula, and point out potential challenges to face in the process of realizing the “Global Comprehensive Strategic Alliance” slogan―an extension of the existing Korea-US alliance to the regional and global levels. The new government’s foreign policy must properly reflect the national position of Korea, so that it could navigate successfully through the restructuring of the global order, often described as a 'value war' of 'democracy vs. authoritarianism.' Also, the same perspective should be used when preparing substantial economic cooperation measures that could actually attract North Korea's attention.
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