Opening diplomatic ties with Washington or withdrawal of part, or all, of some 28,000 US troops stationed in the South could be other demands in exchange for terminating its nuclear and missile program.
"We hope all South Koreans will be united in making a groundbreaking turning point for peace settlement on the Korean Peninsula at the summit".
Meanwhile, a South Korean government spokesperson said the visit that ends on Tuesday had not disappointed, while a press conference by the high-level delegation is expected upon its arrival in the Seoul at 6 p.m.
Senior U.S. officials have expressed concerns privately that Seoul is the weak link in the U.S. -Japan-South Korean alliance and could be too quick to seal a deal with North Korea.
The meeting between Kim Jong Un, leader of nuclear-armed North Korea, and the South's President Moon Jae-in will be only the third of its kind, and will be followed by landmark talks with US President Donald Trump, which could come as early as May.
It was the North Korean leader's first overseas trip since inheriting power following the death of his father, Kim Jong Il, in 2011.
Comprised of three articles, the communique states that North and South Korea will hold their summit at the House of Peace, which is located in the southern side the border in Panmunjom. "I think there is here an opportunity for a peaceful solution to something that, a few months ago, was haunting us as the biggest danger we were facing", Guterres said at the United Nations headquarters in NY.
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The North Korean leader's engagement with the global community has sparked speculation that he may try to meet other leaders. Yang Jiechi, Xi's special representative, was in Seoul on Thursday to brief the South Korean government on the visit.
Kim also offered to meet directly with Trump, who quickly accepted.
South Korean experts are also concerned that Pyongyang might request a ban on the deployment to the Korean Peninsula of USA bombers with nuclear weapons as a condition for denuclearization.
South Korea settled disputes with the Trump administration over steel tariffs and the revision of a free-trade agreement this week.
Mr Trump welcomed a recent meeting between Mr Kim and Chinese President Xi Jinping, while calling for continued pressure on the isolated regime.
But in a concession to political realities in Washington, where lawmakers are increasingly focused on their re-elections this fall in what is set to be a hard campaign cycle for Republicans, Trump said, "You're probably going to have to wait until after the election". In its coverage of the Kim-Xi meeting, the North's state media didn't mention Kim's reported comments about opening a dialogue with the United States that were carried in Chinese state media. In other words, our allies in Seoul are trying to figure out whether Trump is seriously reneging on a deal he struck one day prior, or if this is simply yet another instance of him letting words tumble from his mouth at random without having any actual meaning behind them-a legitimate question, and one that other countries attempting to negotiate exemptions from tariffs will likely be paying attention to. What that has to do with the trade deal with South Korea is something that can't logically be explained.
The fast-thawing relations between the two countries, just months after the North Korean leader boasted of having a nuclear button on his desk, started in January when cross-border talks took place ahead of the 2018 Winter Olympics.