North Korea has agreed to permanently shut down its nuclear research facilities at Yongbyon and the Dongchang-ri missile test site, and allow "relevant country experts" to visit these sites. However, it is conditional upon the USA taking undefined "corresponding measures".
Kim said he would visit Seoul in the near future, in what would be the first-ever visit to South Korean capital by a North Korean leader.
While the two leaders expressed cautious optimism for the months ahead, the USA, a key South Korean ally, expressed concern over the developments.
These measures are included in the agreement that Defense Minister Song Young-moo and his North Korean counterpart, No Kwang-chol, signed after the Pyongyang summit between President Moon Jae-in and North Korean leader Kim Jong-un.
The two countries also formed a unified women's ice hockey side - a move initially controversial in the South, with critics saying that Seoul was depriving its own citizens of a chance to play on the Olympic stage.
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. That would give the Koreas until 2025 to put together a joint bid.
For the 2030 FIFA World Cup, Do said South Korea planned to propose a co-hosted tournament involving China, Japan and the two Koreas. He also agreed to travel soon to South Korea to meet Moon for the fourth time since the reconciliation effort between the neighbors began with the Olympic Peace diplomacy earlier this year.
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The resort has been largely unused after a South Korean tourist was shot there by a North Korean soldier in an apparent accident in 2008. 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.
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. In the afternoon, they were to visit educational institutions, according to a report on their schedule released by South Korea.
"The road to our future will not always be smooth and we may face challenges and trials we can't anticipate".
"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", Trump said on Twitter, referring to agreements the North Korean leader made in talks with South Korea's President Moon Jae-in.
Shortly after the announcement, Trump called Wednesday's developments "very exciting" on Twitter. Nuclear talks between Washington and Pyongyang have stalled in recent weeks, with Trump cancelling a trip to North Korea by his top diplomat last month.
Tuesday's crowds were clearly mobilized to demonstrate the North Koreans' adoration for Kim and their support for his uriminzokkiri, or "among our nation", policy of stressing inter-Korean cooperation while the North engages in a nuclear standoff with the Americans. Some praised that statement for its generality, which offered both players maximum leeway.
Kim promised to accept global inspectors to monitor the closing of a key missile test site and launch pad and to visit Seoul soon, and both leaders vowed to work together to try to host the Summer Olympics in 2032.
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Speaking to the press on the outcome of Moon's visit to North Korea, Kim noted that the "agreement at Pyongyang summit will advance an era of peace, prosperity".
Experts warn that such a process will take years, and will be extremely invasive.
The latest pledges by Kim come days before Moon meets with Trump in NY on the sidelines of the U.N. General Assembly next week.
The question is whether it will be enough for U.S. President Donald Trump to pick up where Moon has left off. Trump told reporters Wednesday that the outcome of the summit was "very good news" and that "we're making tremendous progress" with North Korea. It was not clear if Mr Kim would attend.
"We're starting to get some meat on the bones now", said Daniel Tudor, co-author of "North Korean Confidential".
In a reference to some of Trump's harshest threats against the North before tensions finally eased, Kazianis says as long as dialogue continues, "if there are rough patches, if there are problems, we can talk our way through and not go back to fire and fury".
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