The leaders of the ruling and opposition parties agreed on Monday to form a joint council on livelihood and economic issues after a luncheon with President Lee Jae Myung.

The Democratic Party(DP) and People Power Party(PPP) announced the decision in a briefing at the National Assembly after Lee met with DP leader Jung Chung-rae and PPP leader Jang Dong-hyuk.

Spokespersons from both parties said the council should go beyond symbolism to deliver tangible results, with its structure and agenda to be worked out at the working level.

According to the PPP, the idea was proposed by Jang and welcomed by both Jung and Lee.

Lee reportedly said the ruling party should make greater concessions, adding that if the opposition puts forward joint pledges and the ruling party responds, it would mark a political win for the opposition and a policy success for the administration.

After the luncheon, Lee and Jang held a separate 30-minute one-on-one meeting, during which Jang raised proposals such as youth employment measures and easing capital gains tax rules, which Lee promised to consider positively in consultation with relevant ministries.