South Korea's rival political parties on Monday gave mixed reactions to the outcome of President Moon Jae-in's summit with U.S. President Joe Biden last week.

Ruling Democratic Party(DP) leader Song Young-gil assessed that bilateral relations have reached a tipping point for change, adding that significant progress has been made in all areas, including security and the economy.

Song called the agreement to diplomatically resolve North Korea's nuclear issue based on the 2018 Panmunjeom and Singapore agreements the optimal outcome concerning North Korea policies.

The main opposition People Power Party(PPP), on the other hand, harshly criticized the outcome, saying it lacked substance and contained antinomies.

PPP acting leader Kim Gi-hyeon said Moon brought back a "promissory note," despite South Korean businesses pledging direct investment in the U.S. totaling some 44 trillion won.