President Donald Trump should win the Nobel Peace Prize for his efforts to end the standoff with North Korea over its nuclear-weapons program, South Korean President Moon Jae-in 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 media release.

Moon met with North Korean leader Kim Jong Un on Friday, where the pair pledged to end hostilities and work toward the "complete denuclearization" at the first inter-Korean summit since 2007.

Trump is expected to meet with Kim in May or early June, and has been in regular contact with Moon.

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