North Korean leader Kim Jong Un and South Korean President Moon Jae-in. (Photo: The Hill)

The agreement was reached after senior-level talks between the two sides in the border village of Panmunjom.

In another development, US Ambassador to South Korea Harry Harris said Monday, that it is "too early" to move towards the declaration of a formal conclusion to the 1950-53 Korean War. He said the US and its allies, including South Korea have the same goal: the final, fully verified denuclearization of the Korean Peninsula, and this requires the hard work and firm diplomacy between parties.