The accord, hailed as "historic" by OCA president Sheikh Ahmad Al-Fahad Al-Sabah, is the first step toward Australia and the Pacific nations taking part in the full Asian Games within a decade.
The 2017 Asian Indoor and Martial Arts Games are to be held in the Turkmenistan capital, Ashgabat.
The Central Asian state is spending USD 5 billion on an "Olympic Village" for all the venues. President Gurbanguly Berdymukhamedov, head of the organising committee, pressed for the Games to be expanded to increase the international exposure, according to officials.
"This will be historic," said the sheikh, one of the leading figures in world sport at the ceremony. "This will be a first chance for cooperation between the two continents. Oceania has many champions."
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Sheikh Ahmad said the presence of Australian and other Pacific champions could boost the performance of Asian athletes.
"We have to see how we can maximize our opportunities for our athletes," said Robin Mitchell, head of the Oceania National Olympic Committees group who agreed with the estimated numbers at the event.