The armistice room designated for formal discussion between North and South Korea.

The Unification Ministry, a South Korean committee whose objective is to reunify the Korean peninsula, announced the plans on Tuesday only three days after North Korea extended the out-of-character peace offering. The meeting will take place on the Korea peninsula's North-South divide Wednesday.

This meeting be the highest level of contact between North and South Korea since their inter-state summit meeting in 2007. For further context, note that North and South Korea have only held two summit meetings since their separation in 1953.

Tensions have been high between North and South Korea since 2013 -- North-South relations became increasingly unstable as peace talks were cancelled and North Korea continued to threaten nuclear war.

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Reuters reported that the annual joint military exercises between the U.S. and South Korea will be an important factor in the coming negotiations. 

North Korea has frequently protested the joint military exercises, denouncing them as a show of power aimed at North Korea and a "prelude to war." The U.S. and South Korea will carry on with the joint drills regardless.

North Korea recently cancelled negotiations with U.S. officials to release American missionary Kenneth Bae shortly after the U.S. and South Korea agreed to go on with the military exercises, although it is unclear whether the cancellation was a protest against the exercises or not.

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