North Korea has proposed to the United States that a peace treaty to formally end the Korean War be signed.

The North’s Korean Central News Agency (KCNA) reported that the spokesman of the North’s Foreign Ministry made the proposal in a statement on Wednesday, three days ahead of the 70th anniversary of the founding of its ruling Workers' Party.

The statement said that another war on the Korean Peninsula would spread into a world war, claiming that the North and the U.S. should discard the armistice agreement and sign a peace treaty.

The North said that if Washington revises its hostile policy towards Pyongyang, it is willing to engage in constructive dialogue, which will lead to drastic improvement in security on the peninsula and eliminate security concerns for the U.S.

The North's Foreign Minister Ri Su-yong made a similar proposal during his speech at the UN General Assembly earlier this month.