The foreign ministers from South Korea and Mongolia agreed Tuesday to set up a government channel to discuss trade, economic and other bilateral issues as part of efforts to strengthen their countries' strategic partnership, Seoul's foreign ministry said.

Foreign Minister Yun Byung-se was on a three-day visit to Mongolia starting on Monday. On Tuesday, he held talks with his Mongolian counterpart Luvsanvandan Bold, the South Korean foreign ministry said in a news release.

The two top diplomats agreed to launch a ministerial-level consultative channel within this year, through which the two nations will closely discuss an array of bilateral issues, the ministry said.

Yun and Bold also shared the view that North Korea's denuclearization is the key to peace and stability in Northeast Asia and vowed to closely cooperate in curbing the North's nuclear weapons program, it added.

"Yun expected Mongolia to play an active role in prodding the North into a course of reforms and liberalization, given Mongolia transferred itself into a country with democracy and the market economy," the ministry noted.

The foreign ministers' meeting came in less than one month as they held talks in Myanmar in early August on the sidelines of this year's ASEAN Regional Forum.

Next year marks the 25th anniversary of the establishment of diplomatic relations between the two countries.

Yun also participated in an economic forum where he stressed the need to expand business cooperation between the two nations, the ministry said.

To that goal, he suggested that the countries need to increase cooperation in the infrastructure area in order to beef up connectivity and expand cultural and other exchanges.

South Korea is Mongolia's fourth-largest trade partner. As of 2013, two-way trade amounted to $427 million with Seoul's exports reaching $400 million. (Yonhap)