Xinhuanet refers to South Korean President Lee Myung-bak's proposed "grand bargain" between the Democratic People's Republic of Korea (DPRK) and other five partners engaged in six-party talks.
The proposal calls on North Korea to abandon its nuclear program and complete irreversible denuclearization in exchange for a security guarantee and economic aid granted by the international community.
Lee made the proposal while addressing a meeting hosted by the U.S. Council on Foreign Relations, the Korea Society and the Asia Society in New York.
Lee urged the DPRK to immediately return to the international nuclear disarmament negotiations, saying that to North Korea, "this is not a crisis but an opportunity," it "must not miss this precious opportunity that may well be its last."
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