ibusinesslines.com August 21, 2018

North Korean group led by high-ranking party official visiting China

16 May 2018, 01:29 | Melissa Porter

Venue reservations running high as Singapore gears up for Trump-Kim summit

North Korea's Kim Jong Un pushing up property prices in Chinese city as he embraces peace

He said reports that North Korea is considering a greater degree of economic openness have also fueled hopes that Dandong is well-situated to benefit from increased cross-border trade, even though North Korea has been under tough United Nations sanctions since December, following a string of nuclear weapons tests.

U.N. Secretary-General Antonio Guterres told reporters Monday in Vienna that "the irreversible closure of the site will be an important confidence-building measure that will configure to further efforts towards sustainable peace and verifiable de-nuclearization of the Korean Peninsula".

"I think Chairman Kim understands that: I think he appreciates the fact that this (summit meeting with Trump) is going to have to be different and big and special, and something that has never been undertaken before", Pompeo said during an interview with Fox News.

How could the North Korea-United States summit affect the markets?

In March this year, Kim Jong-un, leader of the DPRK, paid an unofficial visit to China at the invitation of President Xi Jinping. Kim had already indicated earlier in a summit with South Korea President Moon Jae-in that he meant to close the facility.

North Korean media have also changed their tone overnight, criticizing the USA attempt to address human rights issues during the meeting. It seems that Kim Jong-un is supplanting him in his affections. And yet, we know that for peace and prosperity on the Korean Peninsula, the "politics of success" is not only the best road ahead, but also the only option left.

All three men are ethnic Koreans who became naturalized USA citizens. Imprisoned American citizens Tony Kim, Kim Hak-song and Kim Dong-chul will return to the USA alongside Pompeo, according to Trump's tweet. Moon had little option but to go into damage control on the alliance front and work to strengthen the US-South Korean bilateral defence posture.

John Bolton, Trump's national security advisor, also said in an interview with CNN's "State of the Union" that the DPRK should not "look for economic aid from us".

Previous estimates by the South Korean government have stated it could cost as much as $500bn (£370bn) to rebuild the North's moribund economy.

For now, Pompeo is holding out the prospect of a Wirtschaftswunder, or economic miracle, on the scale that took place in West Germany in the 1950s.

Trump previous year pressured the United Nations Security Council to cut off most of North Korea's exports and curb fuel imports to stop Kim from pursuing the capability to strike the USA with a nuclear weapon. As Trump often says, "Let's see what would happen".

Trump's decisions to pull the United States out of the Paris climate accord, United Nations Educational, Scientific and Cultural Organization (UNESCO) and the historic Iran nuclear deal have raised eyebrows across the world.

When asked about the president's contrasting stance, White House Assistant Press secretary Raj Shah said it was due to Kim's actions in "good faith".

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