Rival political parties agreed to swiftly handle key livelihood bills that have been pending amid a political strife under the 22nd National Assembly.

The agreement was reached at an inaugural meeting on Wednesday between the policy chiefs from the ruling People Power Party(PPP) and the main opposition Democratic Party(DP).

While the parties are set to first handle bills with little difference between the two sides, such as revisions to the nursing law and summertime electricity fee reduction for vulnerable groups, they remain at odds over income taxation on financial investment set to take effect in January.

PPP policy chief Kim Sang-hoon explained the necessity to abolish the tax, especially as local shares plunged this week, but his DP counterpart Jin Sung-joon maintained that it should be enforced as planned.

Meanwhile, the presidential office urged parliament to promptly review its proposal to abolish the tax, citing support from a majority of the public and extended variability in the international financial markets due to U.S. economic concerns and geopolitical risks.