Unification Minister Lee In-young said that South Korea and the United States are making tangible progress on declaring a formal end to the Korean War.

The minister made the remarks on Thursday at a hotel in Seoul at an event of the National Institute for Unification Education. 

Minister Lee said that the war-ending declaration is an effective measure that will create an opening for peace on the Korean Peninsula and promote denuclearization. 

The remarks were made amid reports that the two nations are finalizing discussions on the document for the declaration and seeking to decide when and how to make the proposal to North Korea. 

The minister said the Korean Peninsula is standing at a critical crossroads between starting the path to peace and remaining in a deadlock. 

He then vowed to make his best efforts until the end of his term to ensure the peninsula peace process will continue under the ever-changing situation.