International Olympic Committee (IOC) presidency candidate and pole vault legend Sergey Bubka (L) of Ukraine, Canadian IOC member Dick Pound (back C) and Spanish IOC member Juan-Antonio Samaranch Jr. attend a gala at the Teatro Colon opera house during the opening ceremony of the 125th IOC session in Buenos Aires September 6, 2013. IOC members will vote in Buenos Aires on September 7 to decide whether to award the 2020 Summer Olympics to Istanbul, Madrid or Tokyo. [Photo/Agencies]

BUENOS AIRES - The 125th International Olympic Committee (IOC) session opened on Friday with an official ceremony at Buenos Aires' famous opera house, the Teatro Colon.

This session promises to be an important milestone in the history of the Olympic Movement, with three key decisions scheduled to be made during the next few days from Sept 7 to Sept 10.

The full IOC membership is set to elect the host city for the 2020 Olympic Games on September 7, decide on the composition of the 2020 Olympic program the following day, and elect the next IOC President on September 10.

Jacques Rogge, who will hand over his IOC presidency at this session, approved the progress of Sochi Olympic Winter Games, PyeongChang Olympic Winter Games and Rio Olympiad while highlighted the preparation work of Nanjing Summer Youth Olympic Games and Lillehammer Winter Youth Olympic Games as "excellent".

"But it is the time to look further into the future," he said, when mentioning the voting on hosting city of the 2020 games.

Rogge believes the composition of Olympic program is an important decision to be made by IOC session as "finding right balance of sports and keeping programs fresh are essential to continue the success of Olympic Games."

He describes the six candidates of the IOC president as "capable" and  "very qualified".

"I cannot predict who the next IOC president would be, but I am certain whoever it is will have an experience of life time," he said.

The president also expressed his gratitude to have the 12-year IOC presidency.

"It has been my great honor to lead the organization for the past 12 years," he said.

"While you love sports like I do, it is an undescribable privilege to play the role and fulfill the dreams within the position," he added.

Rogge believes the future of Olympic movement relies on everyone who believes in the Olympic values.

"I am confident that Olympic movement is very strong and the future is bright," the president said.