President Moon Jae-in and U.S. President Donald Trump stand together at Cheong Wa Dae in Seoul, Sunday. Yonhap

South Korean President Moon Jae-in will have talks in Seoul with U.S. President Donald Trump on ways to reinvigorate the Korea peace process, with a three-way summit involving North Korean leader Kim Jong-un perhaps in the offing.

Moon and Trump plan to meet bilaterally at Cheong Wa Dae at 11 a.m. after Trump's meeting with a group of South Korean business leaders at a Seoul hotel.

The duo will then have an expanded meeting, joined by their key aides, over lunch that will be followed by a joint press conference.

They are expected to discuss how to resume denuclearization talks and also address pending alliance and trade issues.

It will be their first one-on-one summit since the April one at the White House.

What will happen in the afternoon is drawing keen attention as well.