The leaders of South and North Korea have signed a declaration following two rounds of summit talks held Wednesday in Pyongyang.

The statement, formally titled "Declaration for Development of Inter-Korean Relations and Peace and Prosperity," consists of eight points.

The declaration was signed by South Korean President Roh Moo-hyun and North Korean leader Kim Jong-il in his capacity as chairman of the National Defense Commission. A signing ceremony was held at one p.m. Thursday at the Baekhwawon Guesthouse in the North Korean capital.

Under the declaration, the two sides agreed that the leaders of the two Koreas will meet on an occasional basis to discuss pending issues to promote bilateral ties.