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Japanese newspaper Asahi Shimbun also focused its report on North Korea agreeing to invite foreign experts to verify its permanent scrapping of its missile sites.

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.

The official North Korean narrative is all about ethnic pride, unity and how Kim is paving the way for a Korean-led solution to the decades-old problem of how to bring peace to the peninsula.

Previously, the leaders held talks on April 27 and May 26 in the border village of Panmunjom, in an unprecedented effort to reconcile the two nations following the Korean War (1950-53).

"As soon as conditions are right, the resumption of the Mount Kumgang tours and the joint Kaesong industrial complex will follow", said Moon.

At the news conference in Pyongyang, Kim said he and Moon had "made a firm commitment to exert active efforts to make the Korean Peninsula free of nuclear weapons and nuclear threat and turn it into a land of peace".

Trump is struggling to convince Pyongyang to abandon its nuclear and missile programs without any preconditions, but the US president tweeted the outcome of the latest summit was "Very exciting!"

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

The second round of inter-Korean talks wrapped up Wednesday with the signing of the September Pyongyang Declaration and a comprehensive military agreement. President Moon said South and North Korea would also launch a joint bid to host the 2032 Summer Olympics.

The North and South Korean military have also agreed to "withdraw all guard posts within the DMZ".

North Korean participation had dominated the build-up to Pyeongchang 2018 following security concerns over missile tests conducted by the North.

"There is a very good mood and a very good atmosphere, but this is not very specific", said Choi Jin-wook, a North Korea expert at Japan's Ritsumeikan University.

Hero's welcome for Moon Jae-in carries Pyongyang's hope of nuclear breakthrough

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

In the agreement signed Wednesday, Pyongyang pledged to destroy both the Tongchang-ri missile engine test site and the Yongbyon nuclear site, which is believed to be used for the production of fissile material, if the United States takes reciprocal measures.

None of those economic measures will be possible unless the United Nations Security Council lifts sanctions on North Korea, however.

The joint Korean side also won a silver medal in basketball and silver and bronze in canoeing.

To foster cultural and social exchanges, the two Koreas will jointly commemorate the 100th anniversary of the March 1st independence movement against Japanese colonial rule in 1919.

Kim has also reportedly said he wants to denuclearize by the end of Trump's first term in office.

"The world needs to remember that North Korea has other nuclear and missile facilities, and that these concessions will not necessarily limit or end their nuclear or missile programs", said Melissa Hanham, a senior research associate at the Middlebury Institute of International Studies at Monterey.

However, one thing that remains unchanged from the time of his father's rule and makes him stand out from other world leaders is the absolute power he exercises over his people, as shown in the hysterical cheers of North Koreans lining the streets of Pyongyang as the motorcade carrying him and Moon passed by.

"Kim Jong Un has agreed to allow Nuclear inspections, subject to final negotiations, and to permanently dismantle a test site and launch pad in the presence of global experts".

One of the major breakthroughs of the Pyongyang summit was the consent given by the North to allow worldwide inspectors to document a "permanent dismantlement" of its key missile facilities.

While the declaration appears to fall short of what Washington wants, President Donald Trump has maintained that he and Mr Kim have a solid relationship and both leaders have expressed interest in meeting again after their June summit in Singapore. "I expect that these steps would greatly help allay the global community's mistrust that such dismantlement was only for show [without the inspection]", Chung Eui-yong, Moon's national security adviser, told reporters in Pyongyang.