The FINANCIAL - Trump, Kim Sign Agreement After Historic Summit

Trump, Kim Sign Agreement After Historic Summit

Trump, Kim Sign Agreement After Historic Summit

The FINANCIAL -- U.S. President Donald Trump says the denuclearization of the Korean Peninsula will start "very quickly" after his summit with North Korean leader Kim Jong Un, which Trump called a "tremendous success."

At the end of the historic June 12 meeting in Singapore, the two leaders signed a document in which Trump pledged "security guarantees" to Pyongyang while Kim reiterated his commitment to the "complete denuclearization of the Korean Peninsula."

In the document, which largely reiterates previous public statements without offering specifics, Trump and Kim pledged to "build a lasting and stable peace regime" on the Korean Peninsula and to repatriate remains of prisoners of war and those missing in action during the 1950-53 Korean War, according to RFE/RL.

However, it makes no mention of any move to end the technical state of warfare between the United States and North Korea.

The signing ceremony followed a series of meetings at a luxury hotel on Singapore's Sentosa island, including a 45-minute face-to-face meeting between Trump and Kim and broader talks between their delegations.

Trump announced he would hold a news conference at 3:30 p.m. local time, while Kim reportedly left the island to return home, according to RFE/RL.

The summit was the first between a sitting U.S. president and a North Korean leader.

Tensions between the United States and North Korea escalated last year after Pyongyang tested several ballistic missiles and performed a nuclear test, while Kim and Trump traded threats and insults.

But at the beginning of this year, Kim launched an unexpected diplomatic offensive, which included the North's attendance at the 2018 Winter Olympics in South Korea.

Trump on June 1 said he would hold a summit with Kim on June 12 in Singapore. Trump had originally agreed to the summit, then called it off before reviving it again, according to RFE/RL.

As the two leaders wrapped up their summit, Trump said he and Kim had "developed a very special bond" during their day together, while Kim told reporters that the two "decided to leave the past behind and the world will see a major change."

Trump said the denuclearization of the North will occur "very, very quickly."

Asked whether he would invite the North Korean leader to the White House, Trump said: "Absolutely, I will."

“This is going to lead to more and more and more,” Trump said.

Earlier, at the end of their 45-minute meeting, Trump said the summit had gone "better than anybody could have expected" and called it a "tremendous success."

"We will solve a big problem, a big dilemma that until this point has been unable to be solved. I know that working together, we will get it taken care of," Trump said.

After the two leaders met, they had another bilateral meeting with their staff that lasted about an hour and a half before they proceeded to lunch together at the luxury resort on Sentosa, according to RFE/RL.

U.S. Secretary of State Mike Pompeo signaled on June 11 that the Trump administration didn't expect an immediate breakthrough at the Trump-Kim meeting, but rather hoped it would create an opening for more extended negotiations.