SYDNEY, Sept 7 (Reuters) - U.S. president George W. Bush said on Friday the United States would be willing to consider a formal peace treaty with North Korea if it gave up its nuclear weapons programme.

Bush said he would be willing to offer a new "security arrangement" for the Korean peninsula if Pyongyang followed through with its promises to dismantle its nuclear weapons programme.

Bush discussed this possibility in a meeting with South Korean President Roh Moo-hyun on the sidelines of the Asia Pacific Economic Cooperation forum.

Prodded by Roh, Bush said this meant a permanent agreement that would replace the fraying truce that ended the 1950-53 Korean war.

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