South Korea and the United States signed an agreement on Wednesday to cooperate in artificial intelligence (AI), space and other areas on the sidelines of the Asia-Pacific Economic Cooperation (APEC) gathering underway in the southeastern city of Gyeongju.

The memorandum of understanding on the bilateral Technology Prosperity Deal centers on expanding "omnidirectional" cooperation in scientific fields, including AI, next-generation mobile networks, bio and space, according to the Ministry of Science and ICT, reports Yonhap news agency.

"The two countries have been holding long discussions on common values and the direction of technology development," Ha Jung-woo, senior presidential secretary for AI policy and future planning, said during the signing ceremony.

"As a result, we have decided to put priority on direction over speed, trust over control, and cooperation over competition," Ha added.

Michael Kratsios, head of Washington's Office of Science and Technology Policy, echoed the view, noting that the agreement reflects Washington's respect for South Korea as a technology partner of the U.S.

In detail, the two countries agreed to speed up efforts to utilize and innovate AI technology for the development of various industries.

"AI promises a new golden age of innovation by empowering individuals and supercharging progress across sectors like healthcare, advanced manufacturing, and education," the two countries said in a joint agreement.

To accelerate AI adoption and innovation, Seoul and Washington said they will cooperate on "developing pro-innovation AI policy frameworks," and "promoting the export of trusted AI technology stacks."

The two countries will also join hands in the exports of reliable AI technology while promoting safe AI-driven innovation.

The science ministry said South Korea and the United States will further bolster cooperation in next-generation communications, pharmaceutical supply chains, quantum innovation and space exploration.

The agreement also includes South Korea's support for the Fostering the Future Together global initiative established by Melania Trump, the U.S. first lady, along with other efforts to promote education and technology for children.

"The memorandum of understanding is a symbol of cooperation for the prosperity of future generations, just as its title suggests," Science Minister Bae Kyung-hoon said.

Bae added that South Korea hopes to further expand exchanges with the U.S. in the science sector, building on previous agreements, including Seoul's partnership with OpenAI.

Earlier this month, President Lee Jae Myung met with OpenAI CEO Sam Altman and discussed ways to expand partnerships in AI, as South Korea seeks to become an AI hub in Asia.