Commercial treaty till the middle of the century, apparently with irresistible support, they suddenly collapsed under the strain of a season of exceptionally short crops. Both their continued maintenance and their final sudden abolition are in some respects divergent from the general course of British tariff history. 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
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