Defense Minister Song Young-moo and his North Korean counterpart No Kwang-chol inked the agreement in Pyongyang, which is part of efforts to enforce the two Koreas' April summit agreement to halt "all hostile acts" against each other and "practically eliminate the danger of war".
"We are not afraid of future challenges".
"In the meantime there will be no Rocket or Nuclear testing", Trump wrote on Twitter. The two leaders also announced plans to bid for a joint hosting of the Olympics, oddly enough.
North Korea has agreed to allow independent experts to inspect the dismantling of a key missile site and a nuclear research facility, in what South Korean president Moon Jae-in has called the first specific steps for denuclearisation of the Korean peninsula.
The outcome will also be a litmus test for another meeting Mr Kim has recently proposed to Mr Trump.
Though not directly linked to security, the leaders' announcement that they would seek a joint Summer Olympics was a significant move in terms of easing tensions and building trust. South Korea also hosted the Pyeongchang Winter Games in February.
Moon is expected to speak with Trump after this week's event, and Trump will then decide if he'll accept Kim's invitation.
Moon insisted the North's agreement also marked the first time for the Koreas to discuss detailed steps to denuclearization.
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Though North Korea has unilaterally stopped nuclear and missile tests, it did not allowed worldwide inspections for a dismantlement of its only known nuclear test site in May, drawing criticism that its action could not be verified and could be easily reversed.
The North had put the iconic games, which feature tens of thousands of performers dancing and flipping placards in unison to create giant mosaics and slogans, on a back burner for the past several years, but revived them for this month's celebrations of its 70th founding anniversary.
The guesthouse is the same location where former South Korean Presidents Kim Dae-jung and Roh Moo-hyun stayed during the inter-Korean summit talks with late North Korean leader Kim Jong Il in 2000 and 2007, respectively.
Kim has gone all out to make Moon's visit a memorable one.
The signing comes during a three day visit to Pyongyang by Mr Moon.
At the start of their meeting on Tuesday, Kim thanked Moon for brokering the June summit with Trump.
But discussions over how to implement the vague commitments have since faltered, with Washington demanding concrete action towards denuclearisation by North Korea before agreeing to a key goal of Pyongyang - declaring an end to the war.
In previous, failed talks, North Korea has said it could consider giving up its nuclear programme if the United States provided security guarantees by removing troops from South Korea and withdrawing its so-called nuclear umbrella of deterrence from the South and Japan.