Japan and Korea: Agreement on Settlement of Problems in Regard to Property and Claims and Economic Cooperation (Reparations)
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AGREEMENT BETWEEN JAPAN AND THE REPUBLIC OF KOREA CONCERNING
THE SETTLEMENT OF PROBLEMS IN REGARD TO
PROPERTY AND CLAIMS AND ECONOMIC CO-OPERATION*
[Signed at Tokyo, June 22, 1965; ratifications
exchanged at Seoul, December 18, 1965]
Japan and the Republic of Korea
Desiring to settle problems regarding the property of both countries and
their peoples and the claims between both countries and between their peoples;
and
Desiring to promote economic co-operation between the two countries,
Have agreed as follows:
Article I
1. Japan shall supply the Republic of Korea with:
(a) Products of Japan and the services of Japanese people, free of charge,
the total value of which will be so much in yen as shall be equivalent to three
hundred million United States dollars ($300,000,000), at present computed at one
hundred and eight billion yen (Yl08,000,000,000), within a period of ten years of
the date on which the present Agreement enters into force. The supply of products
and services each year shall be limited to so much in yen as shall be equivalent
to thirty million United States dollars ($30,000,000), at present computed at ten
billion eight hundred million yen (Y10,800,000,000); when the supply of any one
year falls short of this amount, the remainder shall be added to the amount for
the next and subsequent years. However, the maximum amount supplied for any one
year may be increased by agreement between the Governments of the High Contract-
ing Parties.
(b) Long-term and low-interest loans up to so much in yen as shall be
equivalent to two hundred million United States dollars ($200,000,000), at present
computed at seventy-two billion yen (Y72,000,000,000), which are requested by the
Government of the Republic of Korea and which will be covered by procuring the
products of Japan and the services of Japanese people necessary for implementing
the enterprises to be decided upon in accordance with arrangements to be con-
cluded under paragraph 3 within a period of ten years of the date on which the
present Agreement enters into force. These loans shall be extended by the Over-
seas Economic Co-operation Fund of Japan, and the Government of Japan shall take
the necessary measures to enable the Fund to secure the funds for equal annual
loans. The aforesaid supply and loans must serve the economic development of the
Republic of Korea.
2. There shall be established a Joint Committee composed of representatives
of the two Governments as an organ for consultation between them, with the power
to make recommendations on matters concerning the implementation of the present
Agreement.
*[Translated for International Legal Materials by Dr. Sung Yoon Cho, Legal Spe-
cialist, Far Eastern Law Division, Library of Congress. The Treaty on Basic Re-
lations and the Agreement Concerning Fisheries between Japan and Korea, signed
June 22, 1965, appear at 4 International Legal Materials 924 and 1128 (1965),
respectively. Ratifications of the Treaty on Basic Relations, the Agreement Con-
cerning Fisheries, and the agreements reproduced here were exchanged at Seoul on
December 18, 1965.)](ViewImageLocal?handle=hein.journals/intlm5&div=16&collection=&method=preview&ext=.png&size=3)
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Japan and Korea: Agreement on Settlement of Problems in Regard to Property and Claims and Economic Cooperation (Reparations)
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