The Colombian government and Farc pledged on Wednesday to bring an end to the conflict, which has run for 50 years, within six months, reports Reuters.
Meeting in Havana for ongoing peace talks, the Colombian president and the Farc leader, Rodrigo Londono (alias Timochenko) shook hands to seal their agreement.
"We will not fail," Mr Santos said. "The time for peace has arrived."
An official deadline has been set for 23 March 2016. Farc was pledged to lay down arms within 60 days of signing the deal.
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The US Secretary of State, John Kerry, welcomed what he described as "major breakthroughs".
"Peace is now ever closer," Mr Kerry said in a statement on Wednesday night.
"I have called President Santos to congratulate him and his negotiating team for their courage and commitment to the peace talks under extraordinarily difficult conditions."
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