Declaring they had made a major step toward peace on the Korean Peninsula, the two leaders were side by side as they announced the joint statement to a group of North and South Korean reporters after a closed-door meeting Wednesday morning.
In a joint statement after the summit with Moon, Kim pledged to permanently abolish North Korea's key missile facilities in the presence of foreign experts.
South Korean officials line up to shake hands with Kim Yong-nam, North Korea's perpetual titular head of state, in Pyongyang on Tuesday.
The two Koreas committed on Wednesday to "completely cease all hostile acts against each other in every domain, including land, air, and sea that are the source of military tension and conflict" - also agreed to in April's Panmunjom Declaration.
The two Koreas will establish a joint military committee to evaluate how to reduce tensions and maintain communication to defuse crises and prevent accidental clashes.
Asked if any deal on denuclearisation had been struck, Moon's spokesman Yoon Young-chan said: "It's hard to say at this moment that the two leaders have reached any agreement".
Now he and Kim have a cordial relationship that included a "tremendous letter" from the North Korean leader this week, Trump said.
But while containing several tantalizing offers, their joint statement appeared to fall short of the major steps many in Washington have been looking for - such as a commitment by Kim to provide a list of North Korea's nuclear facilities, a solid step-by-step timeline for closing them down, or an agreement to allow global inspectors to assess progress or discover violations.
The neighbors will gradually withdraw guard posts and equipment in a move to transform the world's most heavily fortified border into a no-weapons area, the agreement said.
"For the first time, South and North Korea agreed on a specific step toward denuclearisation".
"By turning the Korean Peninsula into a permanent peace zone, we now can put our lives back on a normal track", he continued.
The agreement included commitments to the "permanent dismantlement" of North Korea's primary nuclear facility in Yongbyon and to allowing global inspectors to observe the closing of an engine test site and missile launch pad. "In the meantime there will be no Rocket or Nuclear testing". But the offer comes with a caveat.
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In the fraught process of North Korean denuclearization, Pyongyang has hit the ball firmly into the USA court by offering to welcome global inspectors to oversee the "permanent" dismantling of its missile-engine test site, and also to shut down its main nuclear complex at Yongbyon. But he said he would start taking phased actions toward that goal only if Washington reciprocated with "simultaneous" measures to prove that it was no longer hostile, the envoys said.
Kim and South Korean President Moon Jae-in have been meeting in Pyongyang in an attempt to push forward their peace process, as well as advance dialogue with the United States.
Republican Sen. Lindsey Graham of SC, a skeptic of North Korea's recent outreach to the global community, said he was "concerned" over Moon's visit to Pyongyang.
President Donald Trump embraced Kim after meeting with him in Singapore in June.
With the main business of the day complete, North Korea was expected to hold a huge mass games spectacle in the evening, with Moon as the special guest.
"We have agreed to make the Korean Peninsula a land of peace that is free from nuclear weapons and nuclear threat", Kim said as he stood by Moon's side at the guesthouse where Moon is staying. "Today the North and South made a decision to remove all threats that can cause war from the entire Korean peninsula".
North Korean leader Kim Jong-un's promise to visit Seoul in coming months is the latest in a series of surprises and departures from the past that appear to show he's different from his late father, the previous leader. And they agreed to "normalize the Kaesong Industrial complex and Kumgang tourism project as soon as the conditions allow".
By saying these joint economic ventures would be resumed under the right conditions, the two leaders acknowledged that global sanctions on North Korea prevent that economic cooperation for the time being.
Moon, meanwhile, achieved an important objective by securing concessions from Kim related to limiting his country's nuclear and ballistic missile programs.
In their third summit, Kim and Moon also laid out plans to draw down forces along their heavily fortified border and announced an agreement for their athletes to compete as a single team at the 2020 Olympics in Tokyo and to submit a joint bid to host the games in 2032.
Separated families will be allowed to communicate by letter and video call.