(CNN) North and South Korea are planning to compete as a unified team at the Tokyo Olympics in 2020 and are bidding to co-host the 2032 Summer Games.

Following inter-Korean sports talks Friday the rival nations issued a statement saying they wanted to participate jointly in international competition, starting with a combined team at next year's men's handball world championships in Germany.

They will send a letter to the International Olympic Committee (IOC), informing the organization of the two Koreas' intent to host the Olympics in 14 years' time. In a statement to CNN Sport, IOC president Thomas Bach said the organization welcomes plans for a joint bid.

Athletes from North and South Korea marched under a unified flag at the opening ceremony of the 2018 Winter Olympics in Pyeongchang, and in ice hockey the women competed as a unified team, helping ease tensions on the peninsular.

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"After we opened the door for political talks with the joint march of the two Korean teams at the Olympic Winter Games PyeongChang 2018, sport could once more make a contribution to peace on the Korean Peninsula and the world," Bach said.

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