The Seosomun Shrine History Museum in South Korea's capital Seoul will host the event which has the aim of promoting world peace through taekwondo and social responsibility.

Twenty years of Olympic taekwondo will be celebrated at the event, after the sport debuted at Sydney 2000.

The festival will also mark the 40th anniversary of the United Nations (UN) International Day of Peace, which is held every year on September 21.

Dr Young Seek Choue, the late father of World Taekwondo President Chungwon Choue, proposed the creation of the day in 1981.

Former UN secretary general Ban Ki-moon, who chairs the International Olympic Committee's Ethics Commission, will be among the festival's guests.

He will be joined by ambassadors from 17 countries which have won Olympic and Paralympic taekwondo medals.

"Taekwondo is more than a sport, it is a philosophy," said Chungwon Choue.

"Respect, understanding and fair play are principles which are enshrined in the sport and we have always been committed to ensuring taekwondo makes a meaningful contribution to humanity. 

"Through the creation of the Taekwondo Humanitarian Foundation in 2016 we have strongly promoted peace through sport. 

"Our mantra is 'peace is more precious than triumph' and that is what the World Taekwondo Peace Festival is all about."

The World Taekwondo demonstration team, which has been enjoying success on the Got Talent series of programmes around the world, will perform at Sky Square before the festival's Opening Ceremony.

A concert will then feature performances from mezzo-soprano Paik Nam-Ok and Korean pop group Band Leenalchi.

The festival will be streamed live on YouTube and Naver TV from 5pm to 7pm local time.