JULIE Bishop says Donald Trump will deserve the highest praise if he can help broker peace with North Korea but she remains sceptical of the rogue nation’s promise to denuclearise.

There have been calls for the US President to be considered for a Nobel Peace Prize for his efforts following historic talks on Friday where the North and South Korean leaders agreed to formally declare an end to the Korean War after 65 years.

North Korean dictator Kim Jong-un also vowed at the summit to shut down his nuclear test site in May and allow foreign experts and journalists to view the process.

Foreign Affairs Minister Julie Bishop told ABC radio today President Trump deserved to be honoured if he did help broker peace.

“If we were to witness a permanent peace on the Korean Peninsula and a denuclearised Korean Peninsula that would be an extraordinary outcome and would be deserving of the highest praise,” she said.

The Minister said the talks were a welcome first step in the diplomatic process but warned the world needed concrete evidence of Pyongyang’s promise to shut down its nuclear weapons testing program if harsh sanctions were to be lifted.

“We should remain cautious. North Korea hasn’t honoured several promises to denuclearise in the past,” she said.

“That’s why we should continue to demand concrete commitments and practical steps and independent verification of any disarmament promises.”

Ms Bishop said there was “a long way to go” in the disarmament process but welcomed the North’s commitment to allow foreign experts to view the closure of its nuclear test site.

She said harsh sanctions would remain in place until North Korea took genuine steps to denuclearise.

“What is clear is North Korea has come to the table to escape the crippling economic and diplomatic pressure and no doubt the threat of military action but I don’t believe the UN Security Council sanctions against North Korea will be lifted until the Security Council is truly satisfied North Korea has chosen a new path,” she said.

North Korea has invited the outside world to witness the dismantling of its nuclear facilities before.

In June 2008, international broadcasters were allowed to air the demolition of a cooling tower at the Nyongbyon reactor site, a year after the North reached an agreement with the US and four other nations to disable its nuclear facilities in return for an aid package worth about $400 million.

But the deal eventually collapsed after North Korea refused to accept US-proposed verification methods, and the country went on to conduct its second nuclear test detonation in May 2009.

Ms Bishop called on the United States to press for more detail from the North about how it would dismantle its nuclear and ballistic missile programs when President Trump met Kim Jong-un in their upcoming talks.

She also praised China for imposing pressure on North Korea in recent months.