YOON ON N. KOREA’S DENUCLEARIZATION ISSUE

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In his speech marking Liberation Day on Monday, President Yoon Suk-yeol for the first time outlined his ideas on North Korea's denuclearization and economic cooperation. Under Yoon's so-called "bold initiative," Seoul is willing to provide food aid and other humanitarian help to the North Korean people as soon as denuclearization talks begin.

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President Yoon enters the venue of the ceremony along with war veterans and descendants of those who perished in the Korean War, with the guard of honor lined on both sides. In his address, Yoon said peace is built on freedom, which was at the core of the Korean people's spirit of national liberation. He noted North Korea's denuclearization is imperative for maintaining it. Yoon outlined his so-called "bold initiative" that he first mentioned in his inaugural address.

[Soundbite] Yoon Suk-yeol(President) : "I propose my bold initiative that can dramatically improve the economy and livelihood in N. Korea in line with denuclearization steps."

At the core of the president's plan is inter-Korean economic cooperation, which he says could begin in the early stages of talks even before actual denuclearization. Yoon is calling for trading the North's resources, such as rare earth metals, for food from the international community including South Korea. He also proposed carrying out pilot projects in public health, drinking water, sanitation and forestry to improve the lives of North Koreans. He even said he can request the international community to ease some of the sanctions imposed against Pyongyang if that's needed for inter-Korean cooperation. Once the two Koreas reach a comprehensive agreement on denuclearization, cross-border economic cooperation will be carried out. Yoon says he will set up a joint inter-Korean economic development committee to provide support in three sectors infrastructure, people's livelihoods and economy. That includes support for power supply and transmission, modernization of ports, airports and health care, agricultural technology, investment, trade and finance. Yoon's "bold initiative" outlined in the Liberation Day address goes a step further from his campaign pledges. When running for president, Yoon said he would consider aid for North Korea only if it took actual denuclearization steps, such as a pledge to freeze its nuclear assets. But he is now willing to push for inter-Korean economic cooperation by exchanging natural resources and food even before Pyongyang takes such actions. Although Yoon's address only mentioned economic cooperation, the presidential office says the president also has ideas on political and military cooperation.