Both countries have been engaging in diplomatic talks as South Korean President Moon Jae-in attempts to convince North Korea’s Kim Jong-un to curb his aggressive nuclear weapons programme.
North Korea also announced its intentions to denuclearise at the bilateral summit.
The two countries already appeared as a united Korea for the Winter Olympics earlier this year and they have entered sports competitions as one nation in the past.
North Korea sent 22 athletes to compete in three sports at the 2018 Winter Olympics.
The nation made history when a joint women’s ice hockey team played under the name Korea.
In was perhaps the first indication of an easing of tensions between the states, which have been at diplomatic loggerheads since the end of the Korean War on July 27 1953.
The conflict came to an end when an armistice was signed.
The agreement created the Korean Demilitarised Zone to separate North and South Korea and allowed the return of prisoners.
But North Korea has continued to pursue an aggressive stance towards its neighbour and the rest of the world by testing huge nuclear weapons in an attempt to assert its international position.
No peace treaty was ever signed between the North and South, leading some observers and commentators to argue the two Koreas are technically still at war.
In a major step towards meaningful peace in the region, in April 2018 the leaders of North and South Korea met at the demilitarised zone and agreed to sign a treaty by the end of the year to formally end the Korean War.
Kim Jong-un agreed at the landmark summit to scale down his nuclear threat.
Yet it remains to be seen if the well-meaning words will translate into denuclearisation from North Korea and continue to reduce tensions in the region.
But the mere fact the two nations met for the first time in April is being touted as a major step on the journey to achieve peace.
The two Koreas have also agreed to cooperate on economic issues following the historic meeting.