THE KOREAN leaders have announced their intention to make a joint bid to host the 2032 Olympic Games.

South Korean president Moon Jae-in and North Korean leader Kim Jong-un made the interesting revelation this afternoon, during the second day of an ongoing three-day summit in Pyongyang.

And in more significant news, Mr Kim and Mr Moon have also agreed on a process to completely denuclearise the Korean peninsula.

Mr Moon said the two leaders have reached a conclusion on a range of measures designed to bring an end to simmering tensions and pave the way for peace.

He said North Korea will close its Tongchang-ri missile testing site following the ongoing three-day summit in Pyongyang.

“The North agreed to permanently close the Tongchang-ri missile engine test site and missile launch facility in the presence of experts from relevant nations,” Mr Moon told reporters.

He also said the North had agreed to permanently dismantle its main Nyongban nuclear complex if the United States takes corresponding measures.

The Olympics announcement is a sign of more long-term goals for harmony between the two nations.

Last week, South Korean Sports minister Do Jong-hwan hinted that the country would sound out the North over a possible joint bid, citing the PyeongChang Winter Olympics as a positive example of unity.

“The PyeongChang Winter Olympics showed the Olympic values very well,” he said. “I hope peace in Northeast Asia can continue through sports.”

Mr Kim and Mr Moon spoke at a news conference after signing a joint statement.

The defence chiefs of the two Koreas also signed their agreements that Seoul says are about reducing military tensions along the border.

Today marked the second day of talks in the North Korean capital. The two leaders were accompanied by their wives and top government officials, including Moon’s national security adviser Chung Eui-yong and Kim’s sister, Kim Yo Jong, who is seen as one of the hermit nation’s most popular figures in the regime.

Before their meeting, Mr Moon attended a performance of North Korea's iconic mass games.

South Korean media pool reports said Mr Kim thanked Mr Moon for brokering his Singapore summit with US president Donald Trump in June, which he credited with bringing stability to the region.

Mr Moon is expected to depart back to Seoul tomorrow.

— with wires