Agreement Between Japan and the Republic of Korea Concerning the Settlement of Problems in Regard to Property and Claims and Economic Cooperation

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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 Cooperation  (1965) 
Governments of Japan and Republic of Korea
Agreement Between Japan and the Republic of Korea Concerning the Settlement of Problems in Regard to Property and Claims and Economic Cooperation is based on Treaty on Basic Relations between Japan and the Republic of Korea , and both were signed on June 22, 1965 at Tokyo simultaneously, and came into effect on December 18, 1965 together, to resolve all problems between Japan and the Republic of Korea.Excerpted from Agreement Between Japan and the Republic of Korea Concerning the Settlement of Problems in Regard to Property and Claims and Economic Cooperation on Wikipedia, the free encyclopedia.

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 cooperation 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 (\108,000,000,000), 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 (\10,800,000,000); 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 Contracting 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 (\72,000,000,000), 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 concluded 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 Overseas Economic Cooperation 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.

3 The two Governments of the High Contracting Parties shall take measures necessary for the implementation of this Article.

Article II

1 The High Contracting Parties confirm that the problems concerning property, rights, and interests of the two High Contracting Parties and their peoples (including juridical persons) and the claims between the High Contracting Parties and between their peoples, including those stipulated in Article IV(a) of the Peace Treaty with Japan signed at the city of San Francisco on September 8, 1951, have been settled completely and finally.

2 The provisions of this Article shall not affect the following (excluding those which become the objects of special measures taken by either of the High Contracting Parties prior to the date of the signing of the present Agreement):

(a) The property, rights, and interests of the people of either High Contracting Party who have ever resided in the territory of the other High Contracting Party in the period between August 15, 1947, and the date of the signing of the present Agreement; and

(b) The property, rights, and interests of either High Contracting Party and its people which were acquired or brought under the control of the other High Contracting Party in the course of ordinary contacts after August 15, 1945.

3 As a condition to comply with the provisions of paragraph 2 above, no claims shall be made with respect to the measures relating to the property, rights, and interests of either High Contracting Party and its people which were brought under the control of the other High Contracting Party on the date of the signing of the present Agreement, or to all the claims of either High Contracting Party and its people arising from the causes which occurred prior to that date.

Article III

1 Any dispute between the High Contracting Parties concerning the interpretation or the implementation of this Agreement shall be settled primarily through diplomatic channels.

2 Any dispute which cannot be settled under the provision of paragraph 1 above shall be submitted for decision to an arbitral commission of three arbitrators; one to be appointed by the Government of each High Contracting Party within a period of thirty days from the date of receipt by the Government of either High Contracting Party from that of the other High Contracting Party of a note requesting arbitration of the dispute; and the third to be agreed upon by the two arbitrators so chosen or to be nominated by the Government of a third power as agreed upon by the two arbitrators within a further period of thirty days. However, the third arbitrator must not be a national of either High Contracting Party.

3 If, within the periods respectively referred to, the Government of either High Contracting Party fails to appoint an arbitrator, or the third arbitrator or the third nation is not agreed upon, the arbitral commission shall be composed of one arbitrator to be nominated by the Government of each of two nations respectively chosen by the Government of each High Contracting Party within a period of thirty days, and the third arbitrator to be nominated by the Government of a third power decided upon by agreement between the Governments so chosen.

4 The Governments of the High Contracting Parties shall accept decisions rendered by the arbitral commission established in accordance with the provisions of this Article.

Article IV

The present Agreement shall be ratified. The instruments of ratification shall be exchanged at Seoul as soon as possible. The present Agreement shall enter into force as from the date on which the instruments of ratification are exchanged.

IN WITNESS WHEREOF, the undersigned, duly authorized thereto by their respective Governments, have signed the present Agreement.

DONE in duplicate at Tokyo, this twenty-second day of June of the year one thousand nine hundred and sixty-five in the Japanese and Korean languages, each text being equally authentic.

FOR JAPAN FOR THE REPUBLIC OF KOREA

Etsusaburo Shiina Tong Won Lee

Shinichi Takasugi Dong Jo Kim