President Lee Jae Myung and the leaders of both the ruling and opposition parties pledged on Monday to restore dialogue and pursue bipartisan cooperation, agreeing to set up a joint council focused on livelihood and economic issues.

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.

In a symbolic first, the ruling and opposition leaders who had long clashed head-to-head, smiled as they shook hands during the meeting.

[Soundbite: Meeting of President Lee, ruling and opposition leaders]

Spokespersons from both parties said the council should go beyond symbolism to deliver tangible results, with its structure and agenda to be discussed 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 in consultation with relevant ministries.