South Korean president Moon Jae-in also announced North Korea will permanently shut down the Dongchang-ri missile testing site and launch pad, witnessed by worldwide inspectors.
The North will also permanently dismantle its Nyongbyon nuclear complex so long as the United States takes corresponding measures.
"We have agreed to make the Korean Peninsula a land of peace that is free from nuclear weapons and nuclear threat", Kim said as he stood by Moon's side at the guesthouse where Moon is staying.
Mr Moon also said Mr Kim would try to visit Seoul sometime this year.
KIM Jong-un and Moon Jae-in have taken a step closer towards peace as they vowed to denuclearise at a historic summit in Pyongyang today.
Mr Kim pledged to work toward the "complete denuclearisation of the Korean peninsula" during his first encounter with Mr Moon, and at his summit with Mr Trump in June.
It was not clear what Trump meant by nuclear inspections.
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Afterwards, Mr Kim said his "historic" summit with United States President Donald Trump in June had improved regional stability and raised hopes for further progress.
The South Korean leader said there would be challenges ahead but that he and Kim had "trust and friendship".
Washington wants North Korea to outline the entirety of its nuclear program, and its response to Wednesday's joint statement from the Koreas remains to be seen. Washington is demanding concrete action towards denuclearization before agreeing to key goals of Pyongyang - declaring an official end to the 1950-53 Korean War and easing tough global sanctions.
In previous, failed talks, North Korea has said it could consider giving up its nuclear programme if the United States provided security guarantees by removing troops from South Korea and withdrawing its so-called nuclear umbrella of deterrence from the South and Japan. They continued most every year until 2014, then were revived during North Korea's celebrations of the 70th anniversary of its state founding earlier this month. They will also work to restart a joint factory park in the North border city of Kaesong and tours to the North's Mount Kumgang resort, when conditions are met.
In their joint declaration, the leaders said the countries have also agreed to quickly launch a joint military committee to review their implementation of such tension-reducing measures and to enable round-the-clock communication to prevent future conflicts.
North and South Korea have agreed to pursue a joint bid to host the summer Olympics in 2032.
Republican Sen. Lindsey Graham tweeted that he was concerned Moon's visit would undermine efforts by Secretary of State Mike Pompeo and U.N. Ambassador Nikki Haley to impose "maximum pressure" on Pyongyang through sanctions.
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