Former President Kim Dae-jung says North Korea and Washington should exchange 'keys' with each other, saying that the 'keys' respectively refer to Pyongyang dismantling its nuclear weapons program and Washington reciprocally offering a security guarantee and lifting economic sanctions.

Speaking at an alumni gathering of Yonsei University's Graduate School of Business Administration on Friday, the former president warned that the North's nuclear ambitions could trigger an arms race between South Korea, Japan and Taiwan, casting a nuclear pall over all of Northeast Asia.

Urging the North to abandon its nuke program, Kim pointed out that a disarmament deal should reflect a 'give-and-take' compromise between opposing sides.

The ex-president predicted there would be drastic changes in the stalled dialogue over North Korea’s nuclear issue in the wake of the November 2nd U.S. presidential poll.

Regarding North Korean leader Kim Jong-il, the former president said Kim is no doubt a dictator, but he is still an intelligent, well-informed man who does not hesitate to accept the right advice.