Japan and Australia have agreed to strengthen their military ties in a bid to ensure regional stability and strong trade links.

Speaking after their meeting on Saturday, Japanese Prime Minister Shinzo Abe and his Australian counterpart Malcolm Turnbull, the two leaders spoke of their desire to have "enhanced coordination" on pressing issues such as the South China Sea conflict and the nuclear threat posed by North Korea.

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"Our meeting has reinforced that the Japan and Australia relationship is truly a very special strategic partnership," Prime Minister Malcolm Turnbull said, adding that Australia is invested in Japan's success, the same way Japan is invested in Australia's.

Abe said that both countries were keen for strong cooperation with Donald Trump's incoming United States administration.

Abe, however, added that Japan and Australia will also continue working on the Trans-Pacific Partnership, which Donald Trump has vowed to get rid of.

The two leaders expressed their optimism that the deal will be signed by the end of the year.

In the seventh sets of discussions held between Abe and Turnbull, the leaders focused on trade and regional security. The talks coincided with the second anniversary of the Japan-Australia economic partnership agreement.

Under the terms of the agreement, more than 97 percent of Australian products are imported into Japan duty-free. A further round of tariff cuts will come into effect on April 1 and are expected to help the Australian beef, tuna, natural honey, oats, and wine sectors.

The two leaders also agreed to a revised acquisition and cross-servicing deal.  Under the deal, the Australian defense force will supply the Japanese army with ammunition for the first time.

Abe departed Australia on Sunday to continue with a six-day diplomatic tour that will see him visit the Philippines, Indonesia, and Vietnam.

TagsAustralia, Japan, TPP