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That's a herculean challenge for North Korea, whose moribund economy, limited transportation infrastructure, lack of facilities for worldwide guests and.

"The North expressed its willingness to continue taking additional steps, such as permanent shutdown of the Yongbyon nuclear facility, should the United States take corresponding measures under the spirit of the June 12 North Korea-US joint statement", the joint statement said.

But the two Koreas have been pressing ahead with their own rapprochement, with Kim looking to secure economic cooperation from the far wealthier South, and Moon looking to reduce the risk of a US-North Korean conflict that would devastate his country.

"We can take military measures to achieve the goal of the "armistice agreement" by making the demilitarized zone into peace zone for the first time in 65 years", the defense ministry said in a separate statement.

South Korean President Moon Jae-in, left, and North Korean leader Kim Jong-un pose after signing documents in Pyongyang, North Korea.

"The road to our future will not always be smooth and we may face challenges and trials we can't anticipate".

The North Korean leader would likely visit Seoul later this year, Mr Moon said.

When Moon's special envoys visited Kim in Pyongyang earlier this month, he told them that he was willing to denuclearize within Trump's first term.

"They have continuously shown their trust towards one another and I hope there will be another summit between the two countries as soon as possible", Moon said.

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Seoul and Pyongyang agreed to suspend army training exercises near the inter-Korean border and "withdraw all guard posts" in the demilitarized zone (DMZ), in a broad military agreement signed on Wednesday. The two countries competed together during the 2018 Winter Olympics in Pyeongchang, South Korea, despite some protests from conservative South Korean lawmakers and athletes.

Moon arrived in North Korea on Tuesday morning for the third face-to-face meeting with his counterpart.

Unlike Trump's initial tweets praising the summit, the news brought a quick and negative response from Republican Sen.

While the concessions and developments related to North Korea's nuclear complex and missile programs were significant, the big announcement at the summit related to conventional arms control between the two Koreas.

North Korea's May Day Stadium is the largest in the world with a reported capacity of 150,000. Seoul said Moon would make a short speech.

This week's summit, the third between Mr Kim and Mr Moon this year, is meant to craft concrete steps to implement the Panmunjom Declaration, named after the border village where they first met, Seoul officials said. This could be a reference to Kim's insistence that Trump promised he would declare the Korean War to be officially over.

They also adopted a separate military accord aimed at preventing armed clashes between the old foes, which are technically still at war because the Korean War ended with a truce, not a peace treaty.

At the start of their meeting, Kim thanked Moon for brokering the June summit with Trump.

"It's not too much to say that it's Moon's efforts that arranged a historic North Korea-U.S. summit".