The event, which will offer a pathway for athletes hoping to break through on the international stage, is set to be held at the Taekwondowon.

It is scheduled to be the first major taekwondo event staged at the venue since the the 2017 World Taekwondo Championships.

World Taekwondo said in November that it would be held prior to the rearranged Tokyo 2020 Olympic Games, but dates have not yet been confirmed.

Around 2,000 athletes from more than 30 countries are expected to compete across four weight categories for men and women.

Ranking points will be available at the event, with the winners and second-place finishers of each weight category eligible to participate in the first 2022 World Taekwondo Grand Prix.

Competition will be held under a series of strict COVID-19 protocols, World Taekwondo said.

The official signing ceremony took place at the World Taekwondo headquarters in Seoul.

World Taekwondo President Chungwon Choue, Taekwondo Promotion Foundation Chairman Jang Yong-gap and Korea Taekwondo Association Secretary-General Sung Jae-joon signed the host city contract for the inaugural event.

"We are happy to host the World Taekwondo Grand Prix Challenge at the Taekwondwon," said Choue.

"This event will be great opportunity for new players. 

"There is so much talent around the world that we need to ensure we are providing a proper pathway for taekwondo athletes to develop and reach their maximum potential."