Posted on September 7, 2021
The treaty also signed the agreements between Japan and Korea on the settlement of property and debt issues and economic cooperation. Japan has provided South Korea with $300 million in economic aid and $200 million in loans and $300 million in loans for private trust, for a total of $800 million as “economic cooperation.”  The official policy of the Japanese governments was that with respect to wartime property issues and individual claims for compensation, these issues were settled in full and definitively by this agreement. How to solve it? Under the 1965 agreement, an agreement must first be sought through diplomatic negotiations and, if this fails, the dispute must be resolved through international arbitration. Since the Korean government opposed a diplomatic agreement, the Japanese government proposed an international arbitration procedure under the 1965 agreement. If the Korean government believes that the 2018 Supreme Court ruling is compatible with international law, international arbitration would be the best option to resolve the dispute with Japan once and for all. On the other hand, if the Korean government opposes international arbitration on the grounds that it could lose the case, it could have an impact on Korea`s international credibility. As part of the comparison, Japan agreed to provide $500 million in grants and loans at a reduced rate over the long term, about 1.5 times the Budget of the South Korean state at the time. Under the terms — negotiated with the then military dictatorship in South Korea — the issues of property, rights and interests of the two countries and their people were considered “totally and definitively settled.” www.korea.net/NewsFocus/History/view?articleId=134245 In fact, the agreement paves the way for the solution. 8. The settlement of this dispute requires the Republic of Korea to remedy its accumulated violations of international law. Japan reiterates its call on the Republic of Korea to take immediate and concrete steps to that end. Japan and South Korea are still involved in an international dispute over the interpretation of the 1965 Agreement between Japan and the Republic of Korea on the Settlement of Property and Rights Issues and Economic Cooperation. .