Commercial treaty Commercial treaty A commercial treaty is a formal agreement between states for the purpose of establishing mutual rights and regulating conditions of trade. It is a bilateral act whereby definite arrangements are entered into by each contracting party towards the other—not mere concessions. For example, the Methuen Treaty was a commercial treaty between Portugal and England. Another example, between the close of the Napoleonic wars of 1815 and the year 1860, the tariff system of Great Britain was changed from elaborate protection to practically complete free trade. An attempt had indeed been made in 1786 to modify the rigidly protective
Treaty on Basic Relations between Japan and the Republic of Korea Treaty on Basic Relations between Japan and the Republic of Korea The Treaty on Basic Relations between Japan and the Republic of Korea (Japanese: ; Korean: , , "Hanil Gibon Joyak") was signed on June 22, 1965. It established basic diplomatic relations between Japan and South Korea. As Korea was not a signatory state of the Treaty of San Francisco, it was not entitled to the benefits of Article 14 which stipulates the reparations by Japan. However, by the provisions of Article 21 of the treaty, Korea was entitled to be an authority applied to Article 4 of the treaty