The consulate level diplomatic relations between the two nations was established on March 11 1953, which was upgraded to the ambassador level the following year. Korea set up the permanent residence of its ambassador in 1963 where as Sweden did in 1979. Sweden established diplomatic relations with North Korea in 1973. Following the Trade Agreement of April 12 1967 Sweden and Korea have continuously increased their commerce volume. A ministry level trade conference was held in Stockholm in June 1979 and the exchange of large delegations of market researchers and buyers followed, which has also aided in increasing the trade between the two states. Another factor in trade increase was perhaps the fact that when Sweden hosted the Export Promotion Conference of October 1979, a seminar on Korea was also held.
The Visas Fee Exemption of 1965, the Memorandum on Trade Relations of 1967, the Technical Family Planning of1968, the Visas Waiver of 1969, the Textile Quota of 1978, the Re-entry Visas of 1982, the Double Taxation Avoidance of 1982, Economic, Industrial, Technical and Scientific Co-operative of 1985 and the Investment Guarantee of 1997 are the major agreements signed by Sweden and Korea.
The Swedish Prime minister officially visited Korea in April 1994. King Karl Gustaf called on Korea in November 1994, the Minister of Commerce visited Korea in 1999, the Prime Minister and the Minister of Foreign Affairs came to Korea in 2000. Prime Minister Person again visited Korea in 2001. President DJ Kim payed an official visit to Sweden in 2000.
Swedish imports from Korea were recorded at 425.4 million US dollars and exports at 557.8 million US dollars in 2000. LCD televisions, cellular phones, automobiles, electronic goods, textiles and synthetic fibers were exported to Sweden while antennas, gauges, communication equipment parts, construction and mining equipment and machines were exported to Korea. Korean residents in Sweden numbered 1,100 in February 2002.