The leaders of South Korea and Cambodia have agreed to expand their countries' economic cooperation, while joining efforts toward establishing peace on the Korean Peninsula and across Asia.

During their summit talks in Phnom Penh on Friday, President Moon Jae-in and Cambodian Prime Minister Hun Sen also agreed to further enhance South Korea's relations with the Association of Southeast Asian Nations(ASEAN) under Seoul's New Southern Policy.

Moon and Hun Sen vowed efforts to expand their countries' cooperation in the agriculture, infrastructure, manufacturing and financial sectors, while calling for efforts to quickly conclude their negotiations on a tax treaty to help promote investment.

Moon promised increased support for Cambodia under his New Southern Policy, while noting that the country is already the world's second-largest destination of South Korean development aid.

Prime Minister Hun Sen reaffirmed his support for Seoul's efforts to peacefully denuclearize the Korean Peninsula.

The two leaders also discussed a special South Korea-ASEAN summit set to be hosted by Seoul later this year to commemorate the 30th anniversary of the establishment of dialogue between the two sides.