President of the Republic of Korea (RoK) Moon Jae-in will unveil the details of his new proposal for the future of the Korean Peninsula on March 1, a RoK official said on February 28.

President of the Republic of Korea Moon Jae-in (Photo: Reuters)

The announcement will come one day after the second summit between the US and the Democratic People’s Republic of Korea (DPRK) in Hanoi.

Spokesman of the RoK’s Presidential Residence Kim Eui-kyeom said President Moon was carefully watching the developments of the summit between US President Trump and DPRK leader Kim Jong-un. He believed that it would help shape inter-Korean relations in the future.

At a meeting with his top secretaries on February 25, President Moon said the RoK will again set its own course for the next 100 years with the so-called new Korean Peninsula regime that will move from war and confrontation to peace and coexistence, from factionalism and ideology to economy and prosperity

The new policy is widely expected to call for active economic cooperation between the two Koreas and freer access of goods and people across their borders that may turn the peninsula into a logistics hub linking countries in South Asia with those in North Asia and in Europe.

In his recent telephone conversation with President Trump, the RoK President offered to resume his country's economic cooperation with the DPRK as an incentive for the DPRK's denuclearisation process.-VNA