South Korean President Moon Jae-in speaks in a video shown during the Annual Gala Dinner of the Korea Society based in New York, Oct. 7. Courtesy of Cheong Wa Dae

President Moon Jae-in proposed Thursday that South Korea and the United States join forces to declare a formal end to the 1950-53 Korean War, saying it's a way to open the door for peace on the peninsula and make the alliance even greater.

"I hope that our two countries work toward the end-of-war declaration and draw active participation from the international community in this regard," he said in a video speech for the Annual Gala Dinner of the Korea Society. Based in New York, the private and nonprofit organization has long campaigned to promote ties between the allies.

"When we not only deter war but also actively create and institutionalize peace, our alliance will be even greater," Moon said.

He stressed that the end-of-war declaration will "indeed pave the way for peace on the Korean Peninsula."

And, he added, establishing permanent peace in Korea is "the only genuine way to reciprocate the sacrifices and dedications of the Korean War veterans."

Addressing the virtual U.N. General Assembly session last month, the president restated his suggestion that the two Koreas, the U.S. and, probably, China declare that the war is over. The two Koreas remain technically at war as the conflict finished in an armistice, not a peace treaty.