Spain signs agreeent with South Korea

 

Yesterday Spain signed an agreement that will allow South Koreans working in Spain to pay pension contributions only to their home country.

The agreement was signed between South Korean Foreign Minister Kim Sung-hwan and his Spanish counterpart Trinidad Jimenez, who is in Seoul on a two-day visit, the foreign ministry announced in a statement.

Under the terms of the agreement, South Korean workers in Spain will no longer be required to make social security contributions to Madrid if they are already making contributions to Seoul.

Kim and Jimenez also discussed ways to deepen practical cooperation in renewable energy, aerospace, defense and cultural exchanges, ministry officials said.

Expectations of rising trade between South Korea and the EU are optimistic after a landmark free trade agreement between the two sides took effect this month.

South Korea and Spain established diplomatic relations in 1950. Two-way trade between the countries totaled some US$2.8 billion last year, according to ministry data.