A plenary session of the standing committee of North Korea's Supreme People's Assembly takes place at the Mansudae Assembly Hall in Pyongyang in this photo released by the Korean Central News Agency, Feb. 7. Yonhap

North Korea has abolished laws on inter-Korean economic cooperation, state media said Thursday, as tensions between the two Koreas have deepened after the North declared there is no point in seeking reunification with the South.

During a year-end party meeting, North Korean leader Kim Jong-un defined inter-Korean ties as relations between "two states hostile to each other" and vowed to "suppress" South Korea's whole territory in the event of a contingency.

The decision on abolishing the law on inter-Korean economic cooperation, the law on the special zone for international tours of Mount Kumgang and regulations for its enforcement and agreements on inter-Korean economic cooperation was made at a plenary meeting of the Standing Committee of the Supreme People's Assembly (SPA) held Wednesday, according to the Korean Central News Agency (KCNA).

The move comes less than a month after the North decided to dismantle agencies handling inter-Korean affairs, such as the National Committee for the Peaceful Reunification of the Fatherland, an agency in charge of national economic cooperation, and an agency handling the Mount Kumgang tour project.

The law on inter-Korean economic cooperation, adopted in 2005, is considered a rudimentary framework for such cooperation, while the law on the special zone in Mount Kumgang, adopted in 2011, carries details on investments in the area by the South and overseas entities.

At the latest parliamentary meeting, the North also discussed the issue of approving a master plan for land development in the Munphyong area and the issue of recalling and electing judges of the Central Court, the KCNA said.

The SPA is the highest organ of power under the North's constitution, but it rubber-stamps decisions by the ruling Workers' Party of Korea.

Choe Ryong-hae, chairman of the Standing Committee of the SPA, presided over this week's meeting. (Yonhap)