BREAKING NEWS: North and South Korea will sign a peace treaty to formally end the Korean War this year

North and South Korea will sign a peace treaty to formally end the Korean War later this year, 65 years after hostilities ceased, the two countries announced in a joint declaration Friday.

The document, formally called the “Panmunjom Declaration for Peace, Prosperity and Unification on the Korean Peninsula,” was revealed after a full day of meetings and a 30-minute private conversation in the past hour between Kim Jong Un and Moon Jae-in.

“The two leaders solemnly declare ... that there will be no more war on the Korean Peninsula and a new era of peace has begun,” the declaration said. 

Fighting in the Korean War ended in 1953 in stalemate, after which an armistice agreement was signed. But a peace treaty never followed, and the two sides are still technically at war. 

“There will not be any more war on the Korean Peninsula, a new era of peace has begun," Moon said after signing the declaration.

“Chairman Kim Jong Un and I have agreed that complete denuclearization will be achieved, and that is our common goal.”