"South and North Korea affirmed their shared objective of achieving a nuclear-free Korean peninsula through complete denuclearization," reads the declaration signed by the leaders of the two countries, as cited by Yonhap.
There will be no more war on the Korean peninsula, and a new age of peace has opened," the document adds.
The two sides also agreed to hold multi-party talks, involving the US and China, in their push for a full-scale truce. Pyongyang and Seoul are also to have high-level military talks in May.
In an ambitious statement after the signing ceremony, Kim said he hopes that the two Koreas will reunite. The states separated after the WWII and have remained hostile since the Korean War ended with an armistice, rather than a peace treaty, in 1953.
“Terminating the current state of the truce and establishing a firm peace regime is a historic task that [the two Koreas] can no longer delay," the leaders pointed out.
The latest attempt to ease tensions in the region comes after years of UN sanctions against the North for its repeated nuclear tests and missiles launches. Previous attempts to sit with Pyongyang at the negotiations table were made in the format of ‘Six Party Talks,’ but those many rounds gave only a temporary break in exchange for fuel aid. In 2009, the North withdrew from the negotiations and resumed nuclear tests.