South Korea and Chile have launched another round of talks on upgrading a bilateral free trade agreement in line with changing global trade circumstances, Seoul's industry ministry said Tuesday.

The seventh round of negotiations to revise their FTA began Monday in Santiago and is set to run until Wednesday, during which they will deal with upgrading rules on a wide range of sectors, including goods trading, trade facilitation, intellectual property, labor and environment, according to the Ministry of Trade, Industry and Energy.

The bilateral FTA went into effect in 2004, and the two nations began talks on a revision in 2016.

"We will do our best to make the FTA a new platform that deals with broader issues, such as supply chains, energy and resources cooperation and digital trade, to better respond to changing trade circumstances together," the ministry said in a release.

Chile was South Korea's first free trade deal partner, and the deal has served as a springboard for South Korean firms seeking to tap the Central and South American markets, according to ministry officials. (Yonhap)