South Korea–Spain relations

The establishment of diplomatic relations between Spain and the Republic of Korea dates back to March 1950. In 2010, the 60th anniversary of the establishment of diplomatic relations was celebrated. Since the state visit of SS.MM. the Kings in October 1996 and that of the President of the Government, José María Aznar, in October 2000, an intensification of the exchanges has been observed. The State visit to Spain by the President Roh Moo-hyun, in February 2007, helped to consolidate the bilateral relationship between both countries, allowing the signing of important instruments such as the Memorandum of Understanding of Political Dialogue or the Joint Declaration. The Minister of Foreign Affairs and Cooperation, Miguel Ángel Moratinos, visited Korea on March 25 on 2009. During their visit, a Judicial Assistance Agreement in Criminal Matters and an Agreement on Protection of Classified Military Information were signed.[2]

Spain and Korea have shown themselves as countries with a behavior, in relation to their area of influence, above average. The increase in trade relations is occurring unevenly, as trade imbalance steadily increases in favor of Korea. Spain's trade deficit with Korea amounted to 460 million ECU in 1997, while in 2005 it stood at 2,569 million euros. Part of this evolution is due to the increase in Korean exports since 1998, as a way of recovering from the 1997 crisis, since that year the Korean economy has depended on foreign markets for growth.[3]