South, North Korea seek joint bid for 2032 Summer Olympics

South Korean President Moon Jae-in and North Korean leader Kim Jong Un on Wednesday announced plans for a joint bid to host the 2032 Summer Olympics.

The announcement was made during a joint press conference on the second day of President Moon's three-day visit to the North Korean capital - Pyongyang -- to advance peace and denuclearization talks with Kim, reported CNN.

Earlier this year, the two Korean nations marched together under a blue and white flag, portraying a unified Korean peninsula, at the Winter Olympics held in South Korea's Pyeongchang. The two nations also fielded a unified women's ice hockey team, the first-ever joint Olympic team from the two Koreas.

At the joint press conference held earlier on Wednesday, President Moon announced that "The era of no war has started," confirming the heightened efforts by the two neighbours to achieve peace. Also, a joint military agreement was signed to curtail the threat of conflict in the peninsula.

As part of the agreement, Pyongyang will permanently shut down the Tongchang-ri missile launch site in the presence of international experts, a major step towards achieving denuclearization. It also agreed to dismantle the Yongbyon nuclear site, believed to be production site for essential material for nuclear missiles.