Ending weeks of ominous silence from Pyongyang, Kim laid out the new strategy at a meeting Friday of his ruling party's Central Committee that suspends underground nuclear tests and test-launches of intercontinental ballistic missiles.
Moon has described his meeting with Kim Jong-un as "a guideline meeting" for the subsequent meeting between Kim and US President Donald Trump, who said the summit would take place in late May or early June.
Following a concessionary model to strengthen bilateral trade relations North Korea has opened a new chapter that divests of military concerns and prioritises economic growth and development instead.
Kim's announcement did not include a commitment to scrap existing nuclear weapons and missiles, and there are doubts he would ever give up the nuclear arsenal his country has been developing for decades.
"To secure transparency on the suspension of nuclear tests, we will close the republic's northern nuclear test site", the party's resolution said.
"We're seeing a de facto normalization of North Korea's relationship with the world, as Kim Jong Un met with [Chinese President] Xi Jinping, plans to meet with Moon, and now Abe wants a meeting, and then Trump will meet him", Auslin said.
But Abe appeared to get more out of Trump and the US than he expected during their meeting last week at the USA leader's Mar-a-Lago estate in Florida, including a strong promise to bring up the abductions issue with Kim and also to press him on not only longer-range missiles that could hit the United States, but also on shorter-range weapons. South Korean officials later brokered a potential summit between Mr. Kim and Mr. Trump.
South Korean and USA officials have said Kim is likely trying to save his broken economy from heavy sanctions.
Yet, North Korea is viewed as a wildcard and frontier market that could offer rewards for the business community because of its central location in a booming region encompassing China, Japan and South Korea.
Meanwhile, commercial satellite imagery of the Punggye-ri site has shown no recent evidence of major activity, according to the 38 North website, which monitors North Korea.
Despite the landmark agreements to ease cross-border tensions and enhance economic ties that followed the two previous summits, the two Koreas have often seen themselves falling short of achieving the goals and even backtracking on their agreements.
Japanese Prime Minister Shinzo Abe also hailed North Korea's decision as positive and urged the country to take steps toward complete disarmament.
Check in for "Understanding the North Korean Crisis: A Panel Discussion" begins 8:45 a.m.at San Diego State University's Art and Letters Building, 5500 Campanile Drive.
The U.S. ended that arrangement after the North launched a long-range rocket it claimed was for delivering satellites. Moon has said that Kim is willing to discuss denuclearization and that he will not insist on American troops being withdrawn from South Korea as part of any deal.