South Korea and the European Commission have agreed to closely cooperate to minimize any Brexit fallout.

Seoul's Finance Ministry and the European Commission held their sixth bilateral economic dialogue meeting in Brussels on Thursday, and discussed response measures to Britain's departure from the European Union.

The two sides also discussed how to deal with trade protectionism through global channels such as the Group of 20 and the World Trade Organization(WTO).

They assessed that amid lackluster recovery in the global economy, the Brexit and sluggish global trade could pose downside risks.

Seoul has stressed that even though domestic demand is complementing weak exports to maintain economic growth, it will continue to pursue expansionary macroeconomic policies, corporate restructuring efforts, and measures to facilitate spending, investment, and exports.

The Korea-EU economic dialogue is held every year in alternate venues in Seoul and Brussels in line with the Korea-EU Framework Agreement signed in May 2010.