The government will establish consultative bodies with Britain in finance and investment cooperation with the commencement of negotiations to upgrade the bilateral free trade agreement.

At a ministerial meeting on Monday to follow up on last month's Downing Street Accord signed by the leaders of the two countries, finance minister Choo Kyung-ho pledged to enhance bilateral trade, investment, and cooperation in clean energy, science and technology and development.

In clean energy, Seoul and London are expected to launch a consultative body on the nuclear industry, allowing South Korean agencies to participate in the U.K.'s nuclear plant projects.

There will be a push for bilateral cooperation in semiconductors, artificial intelligence, the digital sector and the space industry.

In development cooperation, the two sides will hold an annual policy dialogue, while accelerating joint initiatives between Seoul’s economic development cooperation fund and the London’s state-run British International Investment.