Spain and South Korea agreed Wednesday to open an era of cooperation and joint prosperity between the two countries.

South Korean president Moon Jae-in’s three-day state visit to Spain is an opportunity for the countries to strengthen their trade and investment ties in the post-pandemic era, Moon and Spain’s Prime Minister Pedro Sanchez said.

Spain and Korea committed to a $4.8 billion dollar trade agreement, which is “only the first step” in building relations between the countries, according to Moon.