President Moon Jae-in held summit talks with Australian Prime Minister Scott Morrison in Papua New Guinea on Saturday on the sidelines of a regional meeting.

The two sides discussed cooperation in trade and energy as well as the Korean Peninsula, regional and global affairs.

The two leaders acknowledged that both countries share a similar geopolitical and strategic environment based on the fundamental values of a free democracy, human rights and the rule of law.

They agreed to further advance the future-oriented bilateral relations that have developed since diplomatic ties were established in 1961.

They also agreed that Seoul and Canberra have become ideal partners through expanded cooperation in diplomacy, security and regional and global concerns.

The leaders also noted that cooperation has deepened in many areas based on the free trade agreement that took effect in 2014 and the two countries' mutually complementary economic structure.

They also said that visitor numbers to each side were on the rise, which can lead to more cultural and personnel exchanges.

Moon also briefed the prime minster on the results of the recent inter-Korean summit and thanked Canberra for issuing a statement to express support for the summit.

The two also discussed Seoul's New Southern Policy initiative and Australia's policy measures regarding the Indo-Pacific region.