The top leaders of Japan and Mongolia agreed Thursday to boost economic ties by taking full advantage of a new bilateral trade deal.

Prime Minister Shinzo Abe and Mongolian President Tsakhiagiin Elbegdorj held talks on the eve of a biennial summit of Asian and European leaders.

"As we are precious partners in this region that share basic values, the importance of our relations remains unchanged," Abe told reporters after the meeting in the Mongolian capital of Ulan Bator.