Finance Minister Hong Nam-ki said on Monday that South Korea seeks to launch formal negotiations for a bilateral free trade agreement with Uzbekistan by the end of this year. 

The minister unveiled the plan during a meeting with economy-related ministers in Seoul.

Hong said the government plans to launch FTA talks within this year after reporting the plan to parliament and completing the related domestic procedures this month.

He said that Uzbekistan, along with some other countries including Russia and Mongolia, is an important partner for South Korea's New Northern Policy aimed at enhancing partnerships with countries located north of the peninsula.

Hong stressed the need to create substantial outcomes in bilateral economic cooperation projects, adding the government will seek further progress on those projects in discussions.