The two Koreas, in conjunction with the International Olympic Committee(IOC), are set to finalize the list of events at the 2020 Tokyo Summer Olympics in which the two nations will field a joint team.

A South Korean delegation led by Sports Minister Do Jong-hwan and their North Korean counterparts headed by Kim Il-guk are scheduled to meet with IOC President Thomas Bach in Lausanne, Switzerland on Friday.

Following each Korea's separate meetings with Bach on Thursday, the three parties have reportedly neared an agreement for Seoul and Pyongyang to field joint teams in four events, including women's basketball, women's field hockey, rowing and judo.

Discussions are underway for the two Koreas to field additional joint teams in other sports such as table tennis and handball.

During their meeting with Bach on Friday, the two nations will also deliver a formal bid to co-host the 2032 Summer Olympics in Seoul and Pyongyang.