Finance Minister Yoo Il-ho has met with his British counterpart Philip Hammond to discuss ways to enhance ties between the two countries after London's exit from the European Union (EU).
 
The bilateral meeting was held on Friday in Washington on the sidelines of the conferences of the World Bank and the International Monetary Fund, as well as the G20 Finance Ministers and Central Bank Governors meetings.
 
In the meeting, Yoo stressed that Britain still remains an important trade partner of South Korea, saying the two countries need to maintain close economic ties after Brexit.
 
Hammond agreed on the need for strengthening bilateral economic cooperation, adding that Britain will begin the formal process of leaving the EU by March next year.
 
The two sides shared the view that both countries need to closely cooperate in efforts to seek a separate free-trade agreement as they will no longer benefit from the current Korea-EU FTA.