Despite the geographical distance between them, South Korea and Australia have many geopolitical and economic interests in common.

Australia, which lost 340 of its soldiers in the 1950-53 Korean War, has since staunchly sided with the South against threats from the North. Its roles have been instrumental in coping with tensions triggered by Pyongyang’s third nuclear test in February. While expressing firm solidarity with Seoul, Canberra has appealed to the Chinese government to help keep its recalcitrant neighbor’s behavior in check.

South Korea and Australia have recently found more common ground as middle powers with a strong security alliance with the U.S. and growing trade ties with China. Australian Prime Minister Kevin Rudd called for Chinese action on a bilateral free trade agreement last week after retaking the national leadership in the ruling Labor Party’s internal power struggle that ousted his predecessor Julia Gillard. Seoul and Beijing agreed to accelerate FTA talks during President Park Geun-hye’s recent visit to China.

Under these conditions, it seems only natural that South Korea and Australia are moving to broaden their cooperation on regional and global issues. It may be hoped that they will build the most successful cooperative relationship between any two middle-power nations in the world.

Their first joint security dialogue held in Seoul on Thursday, which brought together foreign and defense ministers from the two countries, was the latest step in that direction. It was the first meeting of its kind that South Korea has held with any country other than the U.S. The two-plus-two talks are expected to serve as a useful framework for further strengthening diplomatic and security ties between the two traditional allies.

South Korea and Australia can also become more valuable economic partners with each other in the 21st century, when global growth is being driven mainly by Asian economies. In October, Gillard, then Australian prime minister, released a policy white paper, entitled “Australia in the Asian Century,” in which she tied her nation’s future to Asia’s rise. The stable and prosperous Korean Peninsula would be helpful and essential for achieving the ambitious plan of the Land Down Under to emerge stronger over the decades ahead.