President Moon Jae-in and Australian Prime Minister Scott Morrison have agreed to expand bilateral economic cooperation, especially on hydrogen use and other low-carbon technologies.

The two leaders reached the agreement on Saturday in their bilateral summit talks held on the sidelines of the Group of Seven (G7) summit in Britain.

South Korea and Australia are not G7 members but invited as guests to the session along with India and South Africa.

In the one-on-one talks that lasted for 47 minutes, Moon and Morrison agreed on elevating their relationship to a "comprehensive partnership" as the two nations are commemorating the 60th anniversary of the establishment of diplomatic ties this year.

According to the presidential office, the two leaders agreed to broaden the horizons of economic cooperation to include low-carbon technologies as well as the use and production of hydrogen, and the development of minerals.