Spain has officially proposed a deal to swap military aircraft with South Korea during the two countries' joint committee meeting on defense industry cooperation in Madrid earlier this week.

The source said on condition of anonymity that Spain offered to trade its Airbus A400M Atlas airlifters with T-50 Golden Eagle and KT-1 Woongbi trainer jets produced by Korea Aerospace Industries.

South Korea's Air Force said it's in need of larger airlifters for more efficient disaster relief and peacekeeping operations.