The UK has agreed to engage in "structured, time-bound, inclusive and good-faith" talks that address the "historical harms" of the transatlantic slave trade, Commonwealth leaders have said.
In a joint statement, they said the time had come for a "meaningful, truthful and respectful conversation towards forging a common future based on equity".
It comes after Andy Burnham, who has been at the Commonwealth Heads of Government Meeting (CHOGM) in Antigua and Barbuda alongside the King, said Britain was "open" to making a formal apology for its role in the transatlantic slave trade - but ruled out the prospect of paying financial reparations.
The joint statement said: "We welcome the agreement of the government of the United Kingdom to engage in a structured, time-bound, inclusive and good-faith dialogue with affected parties addressing the transatlantic trafficking of enslaved Africans and its historical harms."
Officials said the timeframe for the process would be agreed at a later date, although Foreign Secretary Ed Miliband has indicated it would likely conclude within 12 months.
Mr Burnham has faced calls from leaders of African and Caribbean Commonwealth nations to pay reparations for the long-term impacts of slavery.
The prime minister has said he has "been very clear that we do not support reparations", but has set out plans for a "debt reset" aimed at helping poorer countries struggling with repayments to borrowers.
He has argued that work to support member states amid a rise in global interest rate costs must include non-G7 donors and the private sector.
About half of developing countries struggling with debt are in the Commonwealth, which comprises mostly former British colonies and encompasses some 2.7 billion people.
Mr Burnham has also announced that the UK will allocate £40m over three years to help support infrastructure investment, including green energy in the Caribbean.
He insisted the money would come from existing budgets, with Mr Miliband saying UK taxpayers will not have to pay more as a result of Mr Burnham's "new approach" to the Commonwealth.
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A 'shameful chapter of history'
Speaking at the summit earlier this week, the King said the transatlantic slave trade was a "shameful chapter of history", adding that it "fills my heart with horror and my soul with the most profound personal sorrow".
Mr Burnham, writing in The Guardian on Friday, also expressed his "sorrow and regret for the pain and suffering of so many millions" affected by slavery.
However, he said he did not think the British people should "be held liable for historical wrongs, however heinous, that happened in a different age under different laws and in which they played no personal part".
Conservative leader Kemi Badenoch has warned that even an apology could lead to renewed calls for compensation and be used as "a lever to wedge open the door to ask for cash".
(c) Sky News 2026: UK agrees to talks on harms of the transatlantic slave trade - but PM rules out reparations
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