Rival political parties have agreed to establish a consultative body to discuss the economy and the public good.

National Assembly Speaker Woo Won-shik, ruling People Power Party interim chief Kwon Young-se and main opposition Democratic Party leader Lee Jae-myung reached the agreement at a meeting Tuesday.

The speaker urged the parties to form the consultative body and join forces with the government in overseeing the economy, the public good, diplomacy and national security.

Both party leaders saw the need to put their heads together to stabilize state affairs amid political turmoil stemming from the December 3 martial law incident that led to the impeachment of President Yoon Suk Yeol.

The parties had previously agreed to form the consultative body, but related efforts were halted due to the opposition’s push to impeach former acting President Han Duck-soo.