- Brought an end to three years of hostilities that claimed two million lives
- Intended as a temporary truce, not a peace treaty - the countries are still technically at war
- Agreed a 2.4-mile demilitarised zone between the two Koreas
- Included a mechanism for the transfer of prisoners of war
- Members of the Military Armistice Commission from both sides still meet regularly
China's envy to the UN added that North Korea must be sent a "strong signal" that its third nuclear test last month is against the will of the international community.
China's envoy to the UN, Li Baodong, has said that the Security Council is aiming to vote on new sanctions against North Korea this Thursday.
US envoy to the United Nations, Susan Rice, has said that new sanctions against North Korea under consideration by the Security Council are "exceptional" in their breadth and scope.
She said the draft resolution tabled by the US "will significantly impede North Korea's ability to develop further its illicit nuclear and ballistic missile programmes".
She added that the sanctions would target the "illicit activities of North Korean diplomatic personnel", "banking relationships" and "illicit transfers of bulk cash" in addition to "new travel restrictions".
The 15 members of the UN Security Council are expected to begin closed-door talks on North Korea in the coming minutes.
The scheduled meeting in New York is to discuss a draft resolution that would sanction the country for its third nuclear test last month.
UN diplomats have told Reuters new agency they expect to vote on the draft resolution by the end of this week, although it could face opposition from China.
US Secretary of State John Kerry has said he wants to see North Korea take responsible actions towards achieving peace rather than threatening to abrogate armistice agreements.
Speaking in Qatar, Kerry said he hoped the North Koreans would engage in negotiations to resolve world concerns.
The Korean People's Army Supreme Command spokesman said North Korea would scrap the the armistice signed in 1953 if the South and United States continue with two-month long annual military drills, according to the KCNA news agency.
The armistice ended a three-year conflict between North and South Korea with a truce rather than a treaty.
North Korea vowed to scrap the Korean War ceasefire with South Korea if they and the US continue with military drills, the KCNA news agency said.