South Korea and the United States will launch a task force later this month to discuss the deployment of an advanced U.S. missile defense system in the South, officials said Wednesday. 

The allies have begun formal discussions on the placement of a Terminal High Altitude Area Defense system in South Korea to deter North Korean aggressions in the wake of its long-range rocket launch Sunday.

The joint task force will handle the details of the discussions, including the location and cost of the THAAD deployment, according to officials at South Korea's Defense Ministry.

Among the candidate sites for the deployment, Pyeongtaek, located 70 kilometers southeast of Seoul, Gyeonggi Province, could be highly likely as the U.S. Forces Korea are in the process of relocating troops there by the end of next year.

The cost of the placement is expected to be determined under the Status of Forces Agreement, which governs the status of American troops in the South.

"The cost of one THAAD battery is about 1 trillion won," a ministry official said.

If the allies decide to deploy it, "South Korea will be responsible for the site and infrastructure, while the U.S. will shoulder the cost of its deployment, operation and maintenance," the official added.

Sources said the South Korean and U.S. defense ministers may announce the decision on the sidelines of the Asia Security Summit, known as the Shangri-La Dialogue, in Singapore in May. (Yonhap)