The half-life of a first-order reaction is calculated using the formula:
\[
t_{\frac{1}{2}} = \frac{0.693}{k}
\]
Given that the rate constant, \( k \), is \( 2 \times 10^{-3} \, \text{s}^{-1} \), the half-life can be determined by:
\[
t_{\frac{1}{2}} = \frac{0.693}{2 \times 10^{-3}} = 346.5 \, \text{s}
\]
Therefore, the reaction's half-life is approximately 346.5 seconds.