Seoul: The leaders of North and South Korea on Friday created history by holding a summit that came after a gap of over a decade and declared to begin a new chapter in the inter-Korean ties.

The summit began in the border village of Panmunjom after the leaders met for the first time at the Military Demarcation Line (MDL) inside the heavily fortified Demilitarized Zone, reports Yonhap News Agency.

"It is good to see you," Kim said to Moon, waiting just south of the MDL for their first-ever encounter that was quickly followed by a handshake.

"I cannot stop my excitement as we meet here at such a historical place. Also, it is very moving that you, Mr. President, have come to Panmunjom, the demarcation line, to greet me," the North Korean leader said.

Kim surprised many by inviting Moon to briefly cross the inter-Korean border to the North Korean side, which South Korean officials said was not pre-arranged.

The talks began at 10.15 a.m., about 45 minutes after Kim crossed the MDL, becoming the first North Korean leader to do so since the end of the 1950-53 Korean War.

"I say this before President Moon and many journalists here that I will hold good discussions with President Moon with a frank, sincere and honest attitude and make a good outcome," Kim said at the start of the meeting, televised live.

Moon expressed his gratitude to Kim for agreeing to hold the summit.

"The moment Chairman Kim crossed the Military Demarcation Line, Panmunjom became a symbol of peace, not a symbol of division. I wish to again express my respect to Chairman Kim Jong-un's decision that made today's discussions possible," the President said

The summit came amid thawing ties this year that followed a height of tension between the Koreas.

Pyongyang staged nearly a dozen missile tests since Moon took office in May 2017, while also conducting its sixth and most powerful nuclear test in September.

Friday's summit marked the third inter-Korean summit and the first to be held in South Korea. Kim stressed the need for an agreement that will not collapse.