Moon told reporters that the development took place following a meeting between North Korea's leader Kim Jong-un and himself.

He told reporters that the two leaders have "agreed on a way to achieve denuclearisation" after high level talks in North Korea's capital city Pyongyang.

He said that the North Korean leader has "agreed to permanently close the Tongchang-ri missile engine test site and missile launch facility in the presence of experts from relevant nations."

North Korea said that it can also shut down the Yongbyon nuclear facility if the US keeps its end of the bargain.

The development was also hailed as a 'leap forward' towards peace in the Korean Peninsula, which has endured some tensed time due to North Korea's constant nuclear tests in 2017.

Kim said that he hoped to visit Seoul, the South Korean capital in the near future.

If he does visit the place, he will be the first North Korean leader to cross the demilitarised zone and step into South Korea.

The two Koreas, which have witnessed warm relations in recent times, are set to cooperate in sectors like healthcare, transportation and family reunions.

Other issues discussed in the meeting was the co-hosting of the 2032 Summer Olympics, which both North and South Korea will look to bid for.

The two countries have also signed a pact to reduce military tensions.

Moon's three-day visit to North Korea is also the first official visit by a South Korea leader in a decade.

This is the third meeting between the two leaders since April this year.

Earlier in the year, after a much hyped denuclearisation effort by North Korea, progression stalled as the Asian country alleged unfair practices by some US officials.

However, with South Korea acting as a mediator, things are expected to get back to normal.

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