President Yoon Suk Yeol and Australian Prime Minister Anthony Albanese held summit talks on the sidelines of the Group of Seven (G7) summit in Hiroshima, Japan on Friday.
The two sides agreed on the need to maintain stable trade in critical minerals essential to the development of future cutting-edge sectors, according to presidential spokesperson Lee Do-woon.
The two leaders also agreed to continue cooperation in stabilizing global supply chains and promoting regional peace.
Yoon said he aims to step up strategic dialogue with Australia, a country that shares similar values, in implementing Seoul's Indo-Pacific strategy. Albanese commended Yoon's leadership in mending ties with Japan and leading peace and prosperity in the Indo-Pacific region.
The two sides also discussed greater cooperation in the defense and arms industries.
Albanese said detailed measures will come during his defense minister's visit to South Korea next week and hoped for an increase in the frequency of military exercises in which both countries take part.
The leaders also agreed to work more closely based on a shared consensus that North Korea's unprecedented provocations pose a serious threat to peace and prosperity in the region and beyond.
It was the second summit between Yoon and Albanese, following their first one-on-one in Spain last June on the sidelines of the NATO summit.
Arriving in Hiroshima earlier Friday for a three-day visit, Yoon also held talks with Vietnamese Prime Minister Phạm Minh Chính.