President of the Republic of Korea Moon Jae-in (photo: Yonhap/ VNA)

Moon said if North Korea's series of missile launches go as far as scrapping a moratorium on long-range missile tests, the Korean Peninsula may instantly fall back into a state of crisis faced five years ago.

He warned that there is not much time left before his term ends in May and that "the timing of the incoming presidential election and its result may make it inappropriate to hold an inter-Korean summit”.

He said since dialogue is the only way to resolve the problem, a meeting between President Biden and Chairman Kim is expected to take place eventually.