A South Korean soldier stands guard inside of a UN conference building in the Demilitarized Zone dividing the two Koreas last February.

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According to a report by Yonhap News, envoys from North and South Korea have reached a deal to end some of the most recent tensions that have plagued relations between the two countries.

The agreement ends "marathon talks aimed at defusing tensions on the Korean Peninsula," the South Korean news agency reported. Most recently a standoff involving an exchange of artillery fire had pushed tensions between the rivals to a recent high.

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The agreement includes a promise from North Korea to "prevent further provocations," per the report. There will also be a push from both sides for reunions of families separated during the Korean War, beginning in September, Yonhap reported.

North Korea also said it would lift its quasi-state of war status as part of the agreement, the agency reported.

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South Korea's national security advisor, Kim Kwan-jin, who was also the chief negotiator in the talks, announced details of the deal in a press conference at 1 p.m. ET. Both countries said they would hold talks in either Seoul or Pyongyang "as soon as possible."

—Reuters contributed to this report.

