I have touched the genital organ of my friend and he did the same. How can we correct our mistake? There was no homosexual contact between us.

Praise be to Allah, the Lord of the World; and may His blessings and peace be upon our Prophet Muhammad and upon all his Family and Companions.

A Muslim must avoid following footsteps of Satan. Allah Says (interpretation of meaning): {…and follow not the footsteps of Shaitân (Satan). …} [2:168]. He must repent from all sins as ordered by Allah: {…And all of you beg Allâh to forgive you all, O believers, that you may be successful.} [24:31].
The act mentioned in the question indicates the decreasing of the religion of the one who indulges in it. So, he should make sincere repentance toward Allah. Indeed, such sins and the like lead to the major one, i.e. homosexuality. The punishment of this sin (i.e. homosexuality) in Islam is to be killed both of those who indulge in such practice. Thus, a Muslim should avoid it and all the ways leading to it before they become trapped by Satan.
Allah knows best.