Treaty on Basic Relations Between Japan and the Republic of Korea

The Treaty on Basic Relations Between Japan and the Republic of Korea (Japanese: 日韓基本条約 (Nikkan Kihon Jōyaku); Korean: 한일기본조약; Hanja: 韓日基本條約; RR: Hanil gibon joyak) was signed on June 22, 1965.

[citation needed] In his 1974 Nobel Peace Prize lecture, Eisaku Satō explicitly mentioned the Treaty on Basic Relations between Japan and South Korea.

He described "the guiding spirit of equality and mutual advantage and the realistic approach of seeking to establish friendship with close neighbors" as significant aspects of the extended negotiations which produced the bilateral agreement.

[3] In October 2018, the Supreme Court of South Korea issued a ruling which ordered Mitsubishi Heavy to compensate the victims of forced labor.

The Japanese Government has maintained that this ruling, along with the one made on Japan's position in relations to the Korean comfort women ('forced sexual slavery') in January 2021, is a breach of the 1965 treaty.

To the Republic of Korea Japan shall : (a) Supply the products of Japan and the services of the Japanese people, 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), in grants [on a non-repayable basis] within the period of ten years from the date of the entry into force of the present Agreement.

[14] Most of the funds from grants and loan were used for economic development,[18] particularly on establishing social infrastructures, founding POSCO, building Gyeongbu Expressway and the Soyang Dam with the technology transfer from Japanese companies.