Seoul - South Korean President Moon Jae-in said US President Donald Trump should win a Nobel Peace Prize for his efforts to end the standoff with North Korea over its nuclear weapons programme, a South Korean official said on Monday.

"President Trump should win the Nobel Peace Prize. What we need is only peace," Moon told a cabinet meeting, according to a presidential Blue House official who briefed media.

Moon and North Korean leader Kim Jong Un on Friday pledged to end hostilities between the two countries and work towards the “complete denuclearisation” of the Korean peninsula in the first inter-Korean summit in more than a decade.

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Trump is preparing for his own summit with Kim in late May or early June.