Renault Group and its South Korean manufacturing unit Renault Samsung Motors Corporation on Monday signed an agreement to cooperate in designing vehicles, Renault Samsung said, according to Dow Jones Newswires.

With the agreement, Renault Samsung will be able to make use of Renault's car design technique to develop its new vehicles to be sold in South Korea as well as overseas, the report said.

"Renault Group also desires to take advantage of the experience and expertise acquired by Renault Samsung Motors to accelerate design business integration and efficient operation in the Asian area, thereby supporting international growth of the Renault Group," Renault Samsung said in a statement, according to Dow Jones, which noted that Renault Samsung was created in 2000 when Renault bought a 70.1% stake in failed Samsung Motor from its creditors.

Renault Samsung plans to introduce its third model, expected be in a luxury passenger segment, next year, Dow Jones added.

Samsung's current model line-up is based on designs from Nissan, which is 44.4% controlled by Renault.