GOYANG, South Korea, April 27 (Xinhua) -- South Korean President Moon Jae-in and top leader of the Democratic People's Republic of Korea (DPRK) Kim Jong Un began formal talks Friday morning in the border village of Panmunjomon on the South Korean side at the third-ever inter-Korea summit.

After attending an official welcoming ceremony that included an inspection of a South Korean honor guard, the two leaders launched talks on peace and prosperity of the Korean Peninsula at a conference room on the second floor of the Peace House, a South Korean building inside Panmunjom dividing the two Koreas.

Kim made history by becoming the first DPRK leader to step onto South Korean soil since the end of the 1950-53 Korean War.

Standing on the two sides of the military demarcation line (MDL), marked only by a low concrete slab, Moon and Kim shook hands with beaming smiles on their faces for their first meeting.

The previous two inter-Korean summits took place in the DPRK capital of Pyongyang in 2000 and 2007, respectively.

After walking across the MDL into the South Korean side, Kim invited Moon to briefly cross the border into the DPRK side.

They returned back to the South Korean side of Panmunjom grasping hands with each other, marking a historic moment for the first inter-Korea summit in more than a decade.