New Delhi, April 27: North and South Korea on Friday agreed to sign a peace treaty later this year. There will be no war on the Korean peninsula, said North and South Korea in a joint statement from Panmunjom, the village on the north-south border of the peninsula. They have agreed on complete denuclearisation. The two sides said come May 1, they would be stopping all propaganda broadcasts and leaflets as well, reports news agency AFP. The premiers embraced each other after making the statement, in a clear step forward. The two sides had at loggerheads since the Korean War of 1950-53. Also Read - Another Bizarre Order: Kids in North Korea to Spend 90 Mins Everyday to Learn About 'Greatness' of Kim Jong-un!

South Korea President Moon Jae-in would be visiting Pyongyang later this year. In addition to agreeing on denuclearisation, they have agreed to transform the DMZ (Demilitarised Zone) into a ‘peace zone’, said the statement. They will also be holding high-level military talks to reduce animosity between the sides and would also be resuming reunions of war-separated families and start a liaison office in North Korean border city. Also Read - Yoshihide Suga Elected Japan’s New Prime Minister Succeeding Shinzo Abe, PM Modi Congratulates Him

“South and North Korea agreed to make efforts to resolve humanitarian issues that derived from inter-Korean division and to hold Red Cross talks to discuss overall issues over divided families and reunions,” the joint statement said, according to Korean media reports. “The two sides agreed to proceed with reunions of separated families on the occasion of August 15,” it added. August 15 marks the day of Korea’s liberation from Japan’s 1910-45 colonial rule. Also Read - Japan PM Shinzo Abe, His Cabinet to Resign Today Paving Way For New Leadership

Earlier on Friday,  North Korea President Kim Jong-un crossed the demarcation line to meet his South Korean counterpart for the talks.