Seoul previously proposed that the two countries' athletes march together at the opening ceremony, and said Pyongyang had responded positively.
Speaking with Daily NK, Cho Han Bum, senior research fellow at the Korea Institute for National Unification (KINU) said, "North Korea appears to be projecting an image of being 'all in' for these Olympics".
It's not a new position for Moon, who took office in May, but it took on new meaning coming one day after high-level officials from the two held a rare and apparently successful meeting, agreeing on the North's participation in the upcoming Winter Olympics in the South.
"In the midst of intense international isolation, they see South Korea as representing their greatest chance of escape, so they are willing to forego demands related to the military or Kaesong and focus squarely on smooth cooperation over the Olympics", Cho continued.
Trump's strategy with North Korea has been hot and cold.
Trump also told Moon that Vice President Mike Pence and his wife Karen Pence will lead the U.S. delegation to the Winter Olympics, scheduled for Feb. 9-25 in Pyeongchang.
The meeting led the leaders to embark on now-stalled economic cooperation projects and reunions of families separated since the 1950-53 Korean War, which ended with an armistice, not a peace treaty.
As the most visible illustration of this connection in goals and aspirations between the Olympic movement and the United Nations, the International Olympic Committee decided, starting from 1998, to fly the United Nations flag at all competition sites of the Olympic Games.
"Kim has never met any foreign leader, so it would be meaningful for him to make his first summit a meeting between Koreans", Koh said.
South Korean President Moon Jae-in favors engagement with North Korea, but that stands in contrast to the approach voiced by the Trump administration, which has so far prioritized sanctions and sent mixed messages on whether it is considering a military strike.
Language in the final joint statement emphasizing that "Korean people" should solve "Korean Peninsula problems" has been compared to the phrase "Uriminzokkiri" (among our people, or our nation ourselves) that is heavily used by North Korea.
Some warn that tensions could quickly flare again as the North still wants to expand its weapons arsenal.
And North Korean cheerleaders, as well as government officials and others, will travel to the South along with the Olympic athletes.
The prospects of resolving decades-old tensions on the divided Korean Peninsula remain deeply uncertain. It included an agreement that North Korea would send a government delegation, athletes, a fan group, artists, official observers, a taekwondo team, and reporters, while the South would provide the necessary accommodation for the visitors.
"Hopefully, it will lead to success for the world, not just for our country, but for the world".
He said North Korea's latest missile test in November indicated it has an intercontinental ballistic missile capable of striking the U.S. mainland, including Washington, D.C.
The Kim dynasty has ruled North Korea since its founding in 1948.
Chung Young Tae, Director of the Military Research Institute of Dongyang University, sees an irony in omitting mention of military exercises or sanctions while "still maintaining political motives behind their participation in the Pyeongchang Olympics".
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