South Korean President Moon Jae-in said on Monday that his government will seek to find a way during the remainder of his presidency for restored talks between South Korea and the Democratic People's Republic of Korea, and between North Korea and the US.

South Korean President Moon Jae-in said on Monday he sees his final year in office as the last chance to achieve a lasting peace with North Korea, and said it was time to take action amid stalled talks over Pyongyang's nuclear and missile programs. Photo: VCG

"I will consider the remaining one year of my term to be the last opportunity to move from an incomplete peace toward one that is irreversible," Moon said in a televised address to mark the fourth inauguration anniversary of his five-year tenure. He took office in May 2017.

"It is time to take action," Moon said hailing the Biden administration's North Korea policy, which he said aimed to "achieve the primary goal of the Korean Peninsula's complete denuclearization via diplomacy with a flexible, gradual and practical approach by building upon the foundation of the Singapore Declaration."

Top North Korean leader Kim Jong-un and former US president Donald Trump held their first summit in Singapore in June 2018, agreeing to the complete denuclearization of and the lasting peace settlement on the Korean Peninsula.

Denuclearization talks between Pyongyang and Washington have been stalled since the second Kim-Trump summit ended without agreement in February 2019 in the Vietnamese capital of Hanoi.

Moon is scheduled to visit Washington for summit talks with US President Joe Biden on May 21 in a bid to restore the deadlocked dialogue between the two Koreas and between the North Korea and the US.