North and South Korea will jointly pursue a bid to host the 2032 Summer Olympics, representatives announced in a news conference Wednesday in Pyongyang, North Korea.

The bid is part of a larger move toward peace on the Korean Peninsula, with North Korea’s Kim Jong Un and South Korean President Moon Jae-in agreeing on the first steps toward denuclearization and peace. No immediate details about the Olympic bid, such as which cities would host it, were revealed.

The two Koreas also said they would work toward forming a joint Korean team for the 2020 Summer Games in Tokyo, a decision that was praised by Ahn Min-seok, a South Korean lawmaker from the ruling Democratic Party. Last February, South Korea hosted the Winter Games in PyeongChang, with athletes from the two countries forming a unified team.

Hosting the Summer Olympics in 2032 would “bring forth opening-up of North Korea by three decades,” Ahn said in a statement. Ahn dismissed concerns about the economic burden, saying, the “conglomerates of South Korea and other countries with interest in investing in North Korea can be led to build stadiums in Pyongyang and Kaesong.”

A successful 2032 bid would bring the Summer Games to the peninsula for the first time since Seoul hosted the 1988 competition. Brisbane, Australia, plans to bid for the 2032 Games, and Germany has announced plans for a multi-city bid. After Tokyo, the Summer Games will move to Paris in 2024 and Los Angeles in 2028.

Beijing is the site of the 2022 Winter Olympics.

Min Joo Kim in Seoul contributed to this report.