South Korea's President Moon Jae-in said on Wednesday that North Korea has agreed to "permanently" close down its key missile facilities in the presence of foreign experts.
North Korea leader Kim Jong-un has agreed to this if the United States takes reciprocal action, Moon said.
The leaders have agreed to turn the Korean peninsula into a "land of peace without nuclear weapons and nuclear threats,” according to a statement read out during the joint press conference.
Kim also promised to visit South Korea, which would be the first-ever visit to the South's capital by a North Korea leader.
The summit is said to be a litmus test for the stalled negotiations on the North's nuclear programme between Pyongyang and Washington. Kim had recently proposed to US President Donald Trump another meeting after their historic summit in June in Singapore.
According to reports, the South Korean president is looking to engineer a framework for North's denuclearisation and a joint declaration ending the 1950-53 Korean War.
Washington has demanded concrete actions towards denuclearisation by North Korea, after it faltered on its promise made at the first summit with Moon and at the Singapore summit with Trump.
North Korea has offered to stop nuclear and missile tests but did not allow international inspections for a dismantlement of its only known nuclear site in May, drawing criticism that its action could not be verified and could be easily reversed.
