Seoul, Nov 1 (IANS): South Korean President Moon Jae-in on Wednesday emphasised his government's principle of denuclearisation and peace on the Korean Peninsula.

Moon made the remarks during his address in the Nation Assembly, saying his administration made efforts to eventually realise peace on the peninsula while stably managing current situations, Xinhua news agency reported.

It was Moon's second speech to the parliament since he took office in May.

Moon said South Korea will neither develop nor possess nuclear weapons just as North Korea will never be accepted as a nuclear state.

He said North Korea's nuclear issue should be resolved peacefully. Pressure and sanctions were the only tools to encourage the Kim Jong-un regime to make a right choice and return to dialogue.

To sternly tackle North Korean provocations, Moon vowed to secure an overwhelming superiority of force and closely cooperate with the international community based on the South Korea-US alliance.

Moon said his defence budget was expected to grow 6.9 per cent in 2018, the fastest increase since 2009.