• Korea and Global Affairs
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• v.3 no.2
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• pp.59-86
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• 2019

This study explores "4.27 Panmunjom Declaration" and "9.19 Pyongyang Declaration" for the peace and prosperity of the Korean Peninsula in terms of inter-Korean exchanges and scrutinizes the Declarations in conjunction with the New Economic Initiative of the Korean Peninsula. The leadership of President Moon Jae-in pursues the value of the "peaceful and prosperous Korean Peninsula" of which pre-requisite and requirement are exchanges and cooperation between South and North Koreas. The New Economic Initiative of the Korea Peninsula for economic prosperity proposed in the inter-Korean summit premises complete denuclearization in the Peninsula. It is accentuated that the Initiative provides a new tonic impetus to the Korean economy in recession, and simultaneously, shapes a necessary foundation for the economic development of North Korea. The Initiative with connotation of the two Korea's mutual opulence aims at proceeding to a new Korean Peninsular system. The new system implies the new peace-cooperative community where confrontation and discord are ceased, and the new economic-cooperative one where the age of ideological rivalry comes to an end. The two Koreas have to lead the new age of peaceful and prosperous Northeast Asia as a buffer zone of peace.