The FIA, F1's governing body, has been recognised by the International Olympic Committee, it was announced on Wednesday.

The IOC recognition will be provisional initially for a period of two years. The IOC has also invited the FIA to introduce as soon as it is possible an Athlete's Commission so as to make the recognition permanent.

"The FIA strongly shares the Olympic sporting values as expressed by the IOC and aimed at developing a better understanding between communities worldwide," read an FIA statement. "With this is mind the FIA affirms its commitments to respect the Olympic Charter."

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"I am delighted the FIA is now part of the Olympic family," added FIA president Jean Todt, "as this is a confirmation of the strength of our sporting credentials as well as a recognition of the values of Respect, Excellence and Friendship which we actively share with the Olympic movement."

Todt will now send a letter to the 129 national sporting club members of the FIA, inviting them to respect and share the values of the Olympic movement.

The FIA will also now participate in the activities of the IOC and its relevant commissions.