It was a coordinated effort to discover new ways of dealing with a dangerous leftover of the Cold War. These activities culminated in the restoration of formal diplomatic relations between Australia and the DPRK on 8 May last year, and my own visit to Pyongyang last November. We stand ready to help with other practical steps such as participation in relevant APEC activities and regional environment mechanisms. These developments have been matched by the sensitive and critical exchanges that have been continuing between North Korea and the United States on key proliferation concerns. We have been pleased to contribute to the Korean Energy Development Organisation, which was established to provide energy sources for North Korea in return for an end to North Korea's own nuclear activities, which had raised the spectre of a new nuclear power in North Asia.
Efforts are also underway to contain North Korea's missile activities.
We should not underestimate the significance of this process. Security and stability on the Korean Peninsula go to the heart of Australia's strategic interests. With the exception of the DPRK, all the countries in the region are among our top ten export markets. The humanitarian and economic consequences of a security breakdown on the Korean Peninsula would be huge, not only for the immediate region but for countries like Australia too. There is a huge amount of commercial activity linking Korea with the Asia Pacific region.