Uzbekistan and South Korea agreed to push for a joint study on forging a free trade agreement to further boost bilateral economic ties, South Korea's finance ministry said, Yonhap reports.

The agreement was reached in talks between Deputy Prime Minister of Uzbekistan Elyor Ganiyev and minister of economy and finance of South Korea Hong Nam-ki.

“We should ponder over what the demands of both sides are and how to produce a win-win (deal) through a joint study on an FTA,” Hong said at the Second Korea-Uzbekistan High-Level Meeting on Economic Cooperation at a Seoul hotel.

The parties agreed to set up a partnership program for economic innovation, which calls for the two sides to work together from an initial stage of planning projects to mid to long-term strategies for economic growth.

Hong said South Korea will provide assistance to Uzbekistan for its economic development in various sectors by making the most of South Korea's official development assistance (ODA) programs.

Elyor Ganiyev, in turn, said Uzbekistan will provide support to South Korean companies, which are seeking to tap into infrastructure projects in the Central Asian country.