The two Andean nations had expelled each other's envoys amid a campaign in August by Venezuelan President Nicolas Maduro to crack down on smuggling of subsidized fuel and food that angered Colombia's government.
Maduro met with Colombian President Juan Manuel Santos in Ecuador to defuse tensions, with the two sides agreeing to "progressively normalize the border" and to hold ministerial meetings in Caracas about the border situation on Wednesday.
"The two heads of state committed to building an agreement, oriented toward fraternal coexistence, that will resolve the problems of the shared border," said a joint statement read out by Ecuadorean President Rafael Correa, Reuters reported.
Venezuela's price controls and heavy subsidies create opportunities for smugglers to buy anything from corn flour to toothpaste and resell the goods across the border at an enormous profit.
Maduro shuttered the border after an attack on troops by paramilitary groups.
Authorities deported some 1,400 Colombians who were linked to paramilitaries or were in the country illegally. Some were forced to leave homes in Venezuelan border towns and cross rivers with their belongings on their backs.
Tensions rose further in recent weeks as Colombia said Venezuelan aircraft had violated its airspace and that Venezuelan troops had crossed the border and burned a motorcycle.
The sparsely populated 2,219 km (1,378 miles) border has frequently been a source of tensions between the two countries and was often at the center of diplomatic spats between late Venezuelan socialist leader Hugo Chavez and former Colombian President Alvaro Uribe.