It will see the two organisations cooperate on training top-level athletes, providing coaching, medical science and marketing knowledge.

The four-year Exchange Agreement was signed in Chinese Taipei during a visit by Guatemalan Olympic Committee President President Gerardo Rene Aguirre Oestmann.

He met with Chinese Taipei Olympic Committee counterpart Hong-Dow Lin to put pen to paper on the deal.

It "sets out the basis in matters of common interest and provides a foundation for mutual cooperation", and is effective from today until the end of 2018.

Both nations were on the medals table come the end of the London 2012 Olympic Games.

The South American nation of Guatemala won a single silver medal thanks to Erick Barrondo in the men's 20 kilometres race walk, while Chinese Taipei in Asia claimed a silver and a bronze medal.

Weightlifter Hsu Shu-ching finished second in the women's 53 kilogram category and, in the taekwondo, Tseng Li-cheng took third in the women's 57kg.