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The leaders of North and South Korea have pledged to jointly eliminate the risk of war and work together to achieve complete denuclearization of the Korean Peninsula, CNBC reported.

The joint statement Friday, from the border truce village of Panmunjom, concluded a historic one-day bilateral summit aimed at achieving peace between the longtime adversaries for the first time in more than sixty years. The meeting of the Korean leaders was the first in more than a decade, the source added.

The statement was released during the signing of a pact between South Korean President Moon Jae-In and his North Korean counterpart Kim Jong Un seeking to establish a "permanent" and "solid" peace on the Peninsula.

The two Koreas promised to ease military tensions, work together to achieve a peace regime, and work toward a nuclear-free region. They also pledged to improve inter-Korean relations, work toward co-prosperity and achieve a future of unification.

The North and South will hold high-level military meetings next month, and Moon has been scheduled to visit Pyongyang in the fall.