North Korea’s adoption of a “two hostile states” policy and explicit rejection of inter-Korean reconciliation continue to limit prospects for direct bilateral talks, as Pyongyang prioritizes recognition as a nuclear power and engagement primarily with Washington. South Korean President Lee Jae-myung’s administration has advanced conciliatory gestures, including multilateral proposals for four-party or expanded Northeast Asian dialogue mechanisms and revival of Tumen River economic projects, while referring to the North by its official title. These overtures have met frosty responses, with Pyongyang showing greater interest in potential U.S. summits under the Trump administration than in resuming South-North channels. Recent North Korean cooperation with Russia and China on military and economic matters further shifts focus northward, reducing incentives for Seoul-Pyongyang diplomacy absent shifts in U.S. policy or verifiable denuclearization steps. Upcoming U.S.-China or trilateral meetings could indirectly influence momentum, though structural barriers remain high.