Foreign Minister Chung Eui-yong says Seoul and Washington have, in practical terms, agreed on the contents of the declaration of a formal end to the Korean War.

Chung, at a press conference on Wednesday, said that the allies have already concurred on the importance of the declaration.

The minister said he and U.S. Secretary of State Antony Blinken reaffirmed the view when they met during a Group of Seven(G7) ministerial meeting earlier this month.

This is the first time that a high-ranking government official confirmed that the allies have essentially wrapped up consultations on the declaration. 

The minister, however, said a review was underway on how the involved parties can proceed in consultation with North Korea.

Regarding North Korea's ongoing Workers' Party plenary meeting, Chung said Seoul is closely monitoring what will come out of it, adding that the situation is likely to become clearer at the beginning of next year.