The upcoming 6th Korea-Japan Joint Commission meeting will discuss the Joint Development Zone (JDZ) agreement, including the contentious aspect of the 7th basin. This marks the first meeting in 40 years to address the practical implementation of the agreement, with the potential for renegotiation given the upcoming expiration date in 2028. The history of this area dates back to 1970, when Korea declared sovereignty over the 7th basin and later entered into a joint development agreement with Japan in 1974.
Despite disappointing exploratory results, Korea declared a revitalization of the JDZ in 2020, designating Korea National Oil Corporation as the development rights holder. Japan’s recent push for a more favorable renegotiation or termination of the agreement points to a potential reevaluation of the deal. However, this move comes with risks, particularly with regard to China’s claims over nearby waters. As experts highlight the need for a rational and collaborative approach to the agreement’s future, the outcome of the upcoming meeting holds significant implications for all parties involved.
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