North and South Korea have agreed to form their first joint Olympic team and will march together under a unified flag during the opening ceremony, South Korea has announced.

The two Koreas agreed to form a combined women's ice hockey team to take part in next month's Winter Olympics in PyeongChang in the South next month.

Seoul's Unification Ministry says the agreement was during talks on Wednesday at the border village of Panmunjom.

It said athletes from the two Koreas will march together under a 'unification flag' depicting their peninsula during the opening ceremony.

Pictures of South Korean President Moon Jae-in, left, and North Korean leader Kim Jong-un are seen on a sign during a rally for a peaceful Winter Olympics in Seoul on Tuesday

The measures require approval by the International Olympic Committee.

The South Korean ministry added the two Koreas will consult with the IOC this weekend.

North Korea will send a delegation of about 550, including 230 cheerleaders, 140 artists and 30 Taekwondo players for a demonstration, the statement added.

The delegation is scheduled to begin arriving in South Korea on January 25.

North Korea plans to send a spotlight-stealing delegation to next month's Winter Olympics in Pyeongchang. Above, Korea flag-bearer's Bora Lee and Jong-In Lee, carrying a unification flag during the 2006 Winter Olympics

North and South Korea have agreed to form their first joint Olympic team, South Korea said

North and South Korea have been talking since last week - for the first time in more than two years - about the Olympics.

It has offered a respite from a months-long standoff over the North's missile and nuclear programmes, which it conducts in defiance of U.N. sanctions.

Kim Jong-Un's ex-girlfriend helps negotiate Olympic agreement Kim Jong-Un's ex-girlfriend has been spotted helping to negotiate North and South Korea's Olympics unification team - nearly four years after she was rumoured to have been executed. Hyon Song-wol, leader of the popular Moranbong Band, was photographed alongside head of South Korea's delegation Kwon Hook Bong and the head of the North's team, Lee Woo-sung. Negotiators from the two Koreas, fighting against the clock ahead of the games' February 9 start date, have been discussing North's role at the games. Hyon Song-wol (centre), leader of the popular Moranbong Band, was photographed alongside head of South Korea's delegation Kwon Hook Bong and the head of the North's team, Lee Woo-sung (right) Negotiators from the two Koreas, fighting against the clock ahead of the games' February 9 start date, have been discussing North's role at the games It was previously rumoured that Hyon had been executed on the orders of Kim Jong-Il in 2013 after appearing in pornographic videos with dozens of other singers and dancers. Kim Jong-Un later married another woman, Ri Sol-ju, but it is thought his former lover - believed to be in her 40s - still has his trust. Her appearance at the negotiations has fuelled speculation that the 10-member Moranbong Band - which was handpicked by Kim - will attend the PyeongChang Winter Olympics in South Korea next month. She was previously spotted in China two years ago (pictured), making it the second sighting of the mysterious figure since her rumoured execution in September 2013 'It's certain the Moranbong Band would come given Hyon Song Wol was among the North Korean delegates,' said analyst Cheong Seong-Chang at South Korea's private Sejong Institute. She was previously spotted in China two years ago, making it the second sighting of the mysterious figure since her rumoured execution in September 2013. On a six-day tour in Beijing, Hyon was asked about the rumours of her death. She replied with grin and simply asked: 'Where do you come from?' Advertisement

The two Koreas have been pressing ahead with a flurry of projects to cooperate in the Olympics since North Korean leader Kim Jong-un abruptly said in a New Year's speech that he was willing to send a delegation to the games.

Critics say Kim's overture is an attempt to use improved ties with Seoul to weaken U.S.-led international sanctions on the North while buying time to perfect his nuclear weapons program.

North Korean leader Kim Jong-un (above) abruptly said in a New Year's speech that he was willing to send a delegation to the games

But the moves nevertheless have provided a temporary thaw in the Koreas' long-strained ties and fostered optimism that he North won't launch any new provocations, at least during the Olympics.

South Korea's president previously announced his support of a proposal for the rivals' first unified Olympic team.

The North's participation in the Olympics 'will serve as a chance to warm solidly frozen South-North ties,' President Moon Jae-in said during a visit with South Korean Olympic athletes.

'But if we march together (during the opening ceremony) or field a single team, I think that can be a further step in developing South-North relations.'

