North and South Korea on Friday agreed to officially inform the International Olympic Committee of their intent to co-host the 2032 Summer Olympics as they continued with reconciliation efforts. Korean sports officials after meeting at the North Korean border town of Kaesong also agreed to send a combined team to the world handball championships in January, according to a statement.

Olympic Rings are seen in front of the International Olympic Committee (IOC) headquarters on December 5, 2017 in Pully near Lausanne. FABRICE COFFRINI | AFP | Getty Images

The rivals vowed to "actively participate" in international sports events hosted by each other and organize more friendly competitions between them. "The plan is to organize friendly competitions marking meaningful anniversaries between the South and North, for example the first anniversaries of the (April) inter-Korean summit and the Pyeongchang Winter Olympics," said South Korean Vice Sports Minister Roh Tae-kang, according to a pool report. North Korean officials at the meeting were led by a counterpart, Won Kil U. North Korean leader Kim Jong Un and South Korean President Moon Jae-in during a summit in September agreed to pursue a joint bid for the 2032 Olympics and send combined teams to the 2020 Tokyo Summer Games and other major sports events. It would be extremely difficult to host the Olympics in North Korea under heavy U.S.-led sanctions, which are unlikely to be removed until the North takes concrete steps to relinquish its nuclear arsenal. There continues to be doubts whether Kim will ever give up his arsenal he may see as his strongest guarantee of survival. There's also declining public support among South Koreans for hosting mega sports events due to worries over huge costs.