South Korea and Mexico have agreed to resume talks for a bilateral free trade agreement(FTA) after a 14-year hiatus.

According to the Ministry of Trade, Industry and Energy on Thursday, trade minister Yeo Han-koo and Mexican economy minister Tatiana Clouthier reached the agreement in their talks on Tuesday in Mexico City.

The two nations plan to launch a preliminary meeting in March with a goal of holding the first round of negotiations in the first half of the year.

South Korea and Mexico began talks for a Strategic Economic Complementation Agreement(SECA), a less comprehensive trade pact, in 2006 but the talks stalled in 2008.

The two sides agreed to resume negotiations in 2016 after a bilateral summit.

Mexico is the largest trading partner in Latin America for South Korea, which is Mexico's second largest trading partner in Asia.