MANILA -- South Korean President Moon Jae-in held talks with Russian Prime Minister Dmitry Medvedev Tuesday and agreed to further develop their countries' economic cooperation and step up efforts to peacefully denuclearize North Korea.

They met on the sidelines of a regional forum hosted by the Association of Southeast Asian Nations in Manila.

"I believe our countries holding such close consultations between their highest officials clearly shows that cooperation between the two countries is developing at a fast rate," Moon told the Russian prime minister, according to pool reports.

Tuesday's meeting came about two months after the South Korean leader held a bilateral summit with Russian President Vladimir Putin on the sidelines of the Eastern Economic Forum in Russia.

Medvedev welcomed what he called recent progress in Seoul-Moscow relations.

He apparently underscored the importance of their ties, saying his country had as much at stake as South Korea in establishing peace on the Korean Peninsula.

Saying his country can never accept North Korea's nuclear and missile programs, Prime Minister Medvedev said Russia supported South Korea's position on peace and stability on the Korean Peninsula, which is directly linked to the security of Russia, Moon's chief press secretary Yoon Young-chan said in a press release.

Moon and Medvedev also discussed ways to expand the countries' economic cooperation.

The South Korean president asked Russia to simplify its customs procedures for its Trans-Siberian Railway, which could allow increased use of the transportation route by South Korean firms, according to Yoon.

Moon also asked the Russian prime minister to consider a possible extension of its preferential treatment of investment made by South Korea's Hyundai Motor Co. in Saint Petersburg, which is set to expire next year.

They also agreed to accelerate the ongoing negotiations between South Korea and the Eurasian Economic Union for a free trade agreement.

"Prime Minister Medvedev said his country was willing to work closely with the South Korean side for the Korea-EAEU FTA," Yoon said in a press release, adding the Russian prime minister also expressed hope for increased cooperation between the two countries in the fishery and agriculture sectors. (Yonhap)