Officials from Portugal and South Korea met during the seventh meeting of the Korea-Portugal Joint Economic Committee on 29 November 2024 in Lisbon, Portugal and agreed on the conclusion of a social security agreement and amendments to the 1996 tax treaty between the two countries. Any resulting social security agreement would be the first of its kind between the two countries and must be finalized, signed, and ratified before entering into force. Any amendments would be the first to the treaty.