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The peace process in the Korean Peninsula is one of the pivotal issues for international security. The burgeoning nuclear programme of North Korea, relief in sanctions and the presence of US forces are the daunting challenges for the peace and strategic stability in the Korean Peninsula. For that purpose, different measures, ranging from diplomatic efforts to global sanctions, have been taken. The reinitiating of the peace process in 2017, which involved the intra-Korean negotiations and Trump-Kim Summits have given a positive yet fragile signal. However, the peace process involves various steps, compromises, and flexibilities. For the peace process, the normalisation of relations between North Korea and the US is of colossal significance. The confidence-building measures need to be adopted by both sides. This paper aims at highlighting the issues and evaluating the possible outcomes of the peace process in the Korean Peninsula.