The Lee Myung-bak administration has decided to call its policy on North Korea "the policy of mutual benefit and common prosperity" in English.

A Unification Ministry spokesman said Tuesday that the official English name of the policy is intended to accurately describe the Lee administration's stance on North Korea, which seeks mutual benefits and common prosperity between the two Koreas.

The ministry said it surveyed foreign correspondents in Seoul and consulted with other government agencies, including the Ministry of Foreign Affairs and Trade, the Ministry of National Defense, the National Intelligence Service and the Korean Culture and Information Service before making its decision.