The Foreign Press Center/Japan and the Korea Press Foundation have agreed to cooperate in promoting media exchange between Japan and the Republic of Korea and foreign media coverage of the two countries, as well as strengthening the cooperative relationship between the two organizations. The signing ceremony for this agreement took place on March 10, 2004, in Seoul. At the ceremony, FPCJ President Terusuke Terada and KPF Chairman Park Kee-jung signed their letters of agreement and exchanged them, marking the official start of the partnership.

President Terada said, "Media exchange is essential to improve the bilateral ties between Japan and the ROK, and I hope the FPCJ and the KPF will develop a dynamic relationship". Chairman Park followed, "Although the characteristics of the two organizations may be different, we have common goals. I hope we will unite our hearts and carry out meaningful projects".

The FPCJ and the KPF will consider concrete measures for facilitating exchange between Japanese and Korean journalists, and strengthen the partnership of the two organizations. In the first year, they are planning to support the interchange of political news editors.