South Korea and Britain signed a memorandum of understanding on Monday to launch a vice-ministerial consultative body aimed at strengthening economic cooperation after London's expected departure from the European Union.

Second Vice Foreign Minister Lee Tae-ho and Britain's Minister for Asia and the Pacific Heather Wheeler inked the MOU on the establishment of a Senior Economic Dialogue, Seoul's foreign ministry said. 

"In order to create new opportunities for economic cooperation in a mutually beneficial way and further strengthen the institutional frameworks for the existing cooperative ties, the two sides will establish the Senior Economic Dialogue," the ministry said in a press release.

In recent months, Seoul and London have been striving to reinforce and expand institutional platforms to ensure that the two countries maintain close cooperation after Britain's withdrawal from the regional bloc, also known as Brexit.

On Aug. 22, the two countries signed a bilateral free trade agreement in a reflection of their ongoing efforts to minimize potential disruption that may come with Brexit and pursue stable trade relations.

The agreement was signed a day after they adopted a joint statement pledging post-Brexit cooperation on a variety of issues, including the denuclearization of and establishment of permanent peace on the Korean Peninsula, human rights and the promotion of trade liberalization. (Yonhap)