It looks like peace is in the horizon as far as the diplomatic tensions between the isolated nation of Korea and its neighbour in the South is concerned.

This move, analysts say, is critical towards the denuclearization of the Korean peninsula and could avert potential world war.

The two nations who have been like cat and dog have agreed to hold talks for the first time in 2 years.

The meeting will take place in Panmunjom, the truce village in the fortified Demilitarized Zone, DMZ that divides the Korean peninsula.

The announcement to hold the talks comes hours after Seoul and Washington decided to defer joint military exercises until after the Winter Olympics.

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Tensions have been high after the North carried out multiple missile launches in 2017, including a number of intercontinental ballistic missiles, and its sixth atomic test, by far its most powerful to date.

The tentative rapprochement comes after the North's leader Kim Jong-Un warned in his New Year speech that he had a nuclear button on his desk, but at the same time offered Seoul an olive branch, saying Pyongyang could send a team to next month's Winter Olympics in the South.

Seoul responded with an offer of talks and earlier this week the hotline between them was restored after being suspended for almost two years.

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