SEOUL – North Korea has fired two short-range
ballistic missiles into the sea off the east coast city of Wonsan, flying about
500 kilometres, South Korea’s defence ministry says.

The North has also announced it has scrapped all
agreements with the South on commercial exchange projects and would
“liquidate” South Korean assets left behind in its territory.

North Korea has a large stockpile of short-range
missiles and is developing long-range and intercontinental missiles as well.

The country often fires short-range missiles when
tensions rise on the Korean peninsula. Pyongyang gets particularly upset about
the annual United States-South Korea drills, which it says are preparations for
an invasion.

The US and South Korea remain technically at war
with the North because the 1950-53 Korean War ended in an armed truce instead
of a peace agreement.

Around 17,000 US military personnel are
participating alongside some 300,000 South Korean troops in what South Korea’s
Defence Ministry has called the “largest-ever” joint military
exercises.

Earlier this week, North Korea warned it would make
a “pre-emptive and offensive nuclear strike” in response to the
exercises.

“LIQUIDATING” ASSETS

Following
the latest missile launches, North Korea announced it would “liquidate”
South Korean assets left behind in the Kaesong industrial zone and in the Mount
Kumgang tourist zone.

South
Korea protested the move as “totally unacceptable” but did not say
what it could do to recover the assets that it valued in excess of about $A1.56
billion.

Seoul
suspended operations in the jointly-run zone last month as punishment for the
North’s rocket launch and nuclear test.

Mount
Kumgang was the first major inter-Korean cooperation project. Thousands of
South Koreans visited the resort between 1998 and 2008. Seoul ended the tours
in 2008 after a North Korean soldier shot dead a South Korean tourist who
wandered into a restricted area.

North
Korea is also furious about stepped up United Nations sanctions adopted last
week following its recent nuclear test and long-range missile launch.

South
Korea’s foreign ministry said the most recent missile launches again violated a
series of UN Security Council resolutions and it would refer the matter to the
Council sanctions committee mandated to enforce the resolutions.

Chinese
Ministry of Foreign Affairs spokesman Hong Lei described the situation on the
Korean peninsula as “complex and sensitive”.

“All
sides should stop their provocative words and deeds to avoid a further rise in
tensions,” he said.

– Reuters