North Korean Nuclear Test '09 and Regional Economic Environment

Last October, I got the chance to participate in an international youth conference where the second among the four agendas (one, Prevention of an Arms Race in Outer Space (PAROS); two, Situation in the Korean Peninsula; three, Links between Transnational Terrorism and Organized Crime; and four, Maritime Piracy) had a focus on the Nuclear Test by North Korea conducted in May 2009.
This was the second time North Korea had conducted such an experiment. In October 2006, they carried out their first nuclear test which was immediately followed by the United Nations Security Council Resolution 1718. The main provision of the resolution was that: “North Korea must not conduct any further nuclear test” and also the country had to “abandon all nuclear weapons and existing nuclear programmes in a complete, verifiable and irreversible manner\". But North Korea proved to be a defaulter and continued their nuclear experimentations, which ultimately led them to undertake the Second Nuclear Test in May 2009.
From my point of view, North Korea should not have done this because most of the countries are sovereign now and also, they are protected by various international treaties (both at small and in large scales) around the world. Yet, I do not deny the fact that a country needs to be prepared beforehand it encounters any possible foreign attack. Every country has a universal right to keep themselves prepared to protect their sovereignty and use their weapons when needed. But it is not necessary and wise to display what they possess as an extreme security-tool because though the tests are conducted under manifold expert supervisions, still there remains every chance that the process might go wrong and severe destructions could occur.
Again, the acts of the North Korean government are also threatening to the smooth-running of businesses in the surrounding region. The capital markets as well as the product and factors markets situated in that region (South Korea, Japan, parts of China and Russia) are faced with high risks because nobody could now say with guarantee that North Korea will not conduct such nuclear tests (with a high potential of causing heavy destruction) in the near future. These negative views are preventing many investors and traders to get involved in business in and near the Korean Peninsula which is really harmful for the regional economic environment as well. Also, the international law requires that every country should behave in a way that is favorable for the whole world. In this regard, the Nuclear Test in North Korea, 2009 can never be considered as a beneficial act for the globe from any point of view and was indeed a grave violation of International Law as termed by the United Nations.
Finally, according to me the world community should stick to their strong position against the North Korean nuclear activities. But, China might take the initiative to negotiate with them as China maintains a somewhat friendly relation with North Korea. Also, the world business community might provide North Korea with some trade advantages that can make them a more competitive performer (in comparison with its neighboring countries) in the global market so that the idea of using their nuclear arsenals as weapons for gaining economic advantages in future never comes to their minds.