South Korea and Paraguay have agreed to strengthen their economic cooperation, as they mark the 50th anniversary of diplomatic ties, the foreign ministry here said Wednesday.

Jang Keun-ho, head of the Latin American and Caribbean Bureau of Seoul's foreign ministry, and his Paraguayan counterpart Julio Cesar Arriola held a Joint Economic Commission, the fifth of its kind, in Seoul a day earlier, and discussed ways to strengthen ties on a wide range of issues of mutual concern, including trade, investment, resources and technology, the ministry said in a statement.

The committee was first launched in 1998 to discuss bilateral issues with a focus on economic matters, according to the ministry.

During the meeting on Tuesday, the two sides decided to sign an agreement on aviation cooperation within this year and to hold talks for a double tax avoidance treaty early next year, the ministry said.

The Latin American country vowed active support for the South Korean Forestry Administration's participation in its afforestation projects, with the two sides also seeking joint research on biological resources for new drugs, according to the ministry.

"Discussing diverse issues on economy, Seoul and Asuncion also agreed to boost close cooperation to deepen and expand their partnership in real terms," the ministry said. (Yonhap News)