[Asia Economy Reporter Ki-min Lee] On the 24th, the Ministry of Unification stated that it will review the lifting of the independent North Korea sanctions known as the '5·24 Measures' related to the 2010 Cheonan incident, based on the stance of "principle and practicality."
An official from the Ministry of Unification said in response to reporters' questions about whether the abolition of the '5·24 Measures' would be considered on the 12th anniversary of the measures, "The 5·24 Measures were taken in response to the Cheonan sinking, and it is necessary to comprehensively consider the inter-Korean relations situation and sanctions against North Korea when reviewing them," adding this.
He continued, "The Yoon Seok-yeol administration's North Korea policy is a harmony of principle and practicality," and added, "From this perspective, the government will maintain the principle of developing inter-Korean relations based on North Korea's denuclearization while practically and flexibly reviewing various issues going forward."
The 5·24 Measures, announced in response to the 2010 Cheonan incident, include ▲ suspension of inter-Korean trade except for the Kaesong Industrial Complex ▲ prohibition of North Korean vessels from navigating in South Korean waters ▲ prohibition of visits to North Korea except for Kaesong Industrial Complex and Mount Kumgang ▲ suspension of inter-Korean trade ▲ prohibition of new investments in North Korea ▲ suspension of aid projects to North Korea except for humanitarian support.
Although the intention was to pressure North Korea's economy after the Cheonan sinking, the measures have become ineffective as successive governments have steadily implemented exceptions and flexibilization of the 5·24 Measures, and comprehensive international sanctions against North Korea have been enforced.
When asked whether the Ministry of Unification is considering the official lifting of the 5·24 Measures, the official said, "There is no immediate change in the government's position," but added, "However, since the inter-Korean relations situation two years ago is not the same as now, we will review the 5·24 Measures going forward under the direction of principle and practicality."
Accordingly, the Yoon Seok-yeol administration is expected, like the Moon Jae-in administration, not to declare the lifting of the 5·24 Measures immediately when there is no impact on inter-Korean relations, but to take a different stance if there is progress in North Korea's denuclearization.
The Ministry of Unification also plans to concretize follow-up measures related to the 'bold plan' to improve North Korea's economy, which President Yoon announced in his inaugural speech and during the South Korea-US summit. The official explained, "As the Minister of Unification mentioned in his commemorative speech, we will realize the bold plan announced by the President in his inaugural address," adding, "The Ministry of Unification will take the lead in preparing the plan." He emphasized, "We plan to concretize it through consultations with related ministries and experts going forward."
President Yoon declared at a press conference following the summit with US President Joe Biden on the 21st, "If North Korea takes practical steps toward denuclearization, we will prepare a bold plan to cooperate with the international community to dramatically improve North Korea's economy and the quality of life of its people."
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