S. Korean president proposes "grand bargain" to end DPRK's nukes

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South Korea's President Lee Myung-bak has proposed a "grand bargain" to resume nuclear talks with the Democratic People's Republic of Korea.

Lee Myung-bak said, "We must seek a packaged or 'grand bargain' resolution of the DPRK nuclear issues, in which the DPRK will dismantle key elements of its nuclear programs through the six-party talks while we will simultaneously provide security guarantees and international assistance to the DPRK."

Lee made the remarks as he arrived in New York for the UN General Assembly and the G20 meeting in Pittsburgh. The proposal will give the DPRK economic and political incentives, as well as a security guarantee.

South Korea's Foreign Minister Yu Myung-hwan and his US counterpart Hillary Clinton also pledged to work together to revive the suspended six-party talks. The two also stressed the importance of denuclearizing the Korean peninsula.