President Moon Jae-in says North Korea and the U.S. are engaged in discussions over a possible third summit.
In a written interview with six international news agencies, including Seoul-based Yonhap, President Moon said it's important to note that dialogue is still taking place behind the scenes between the two countries since the collapse of the Hanoi summit.
Moon says this is keeping hopes alive for a third meeting between North Korean leader Kim Jong-un and U.S. President Donald Trump.
The president also said the current situation with North Korea cannot be defined as a stalemate, as there have been notable developments in Washington-Pyeongyang relations.
Those developments include the letters exchanged between Kim and Trump, which show that the two leaders are ready to elevate their level of dialogue.
Kim also sent his sister Kim Yo-jong to offer his condolences following the death of former South Korean First Lady Lee Hee-ho.
President Moon says that everything has now fallen into place to take the peace process on the Korean Peninsula to the next level.
And stepping forward as a mediator, the South Korean President has provided a guideline for the nuclear negotiations.
He suggested that North Korea should completely and verifiably dismantle its Yeongbyeon nuclear complex.
He says that could qualify as the first step in the regime's irreversible stage of denuclearization.
And in return, the North could see the lifting on some of the sanctions.
It's the first time President Moon specified what irreversible denuclearization entails.
Also touching upon South Korea-Japan ties, President Moon said that in order to advance bilateral relations, history should not be exploited for political gains.
He said his government recently proposed a viable solution to the forced labor conflict, referring to voluntary donations from Korean and Japanese companies to compensate the victims.
This proposal was immediately rejected by the Tokyo government.
Moon added that he is always open to dialogue with Prime Minister Shinzo Abe, and that whether or not the G20 Summit in Osaka can help move their relations forward,. rests entirely on Japan.
Lee Min-sun, Arirang News.