South Korea's ruling and minor opposition parties decided to launch negotiations to handle key fast-tracked reform bills without participation from the main opposition Liberty Korea Party(LKP).

The decision comes after the LKP dismissed calls from the ruling Democratic Party(DP) to rescind the filibuster the LKP has threatened to use in order to block the fast-tracked bills from being passed.

DP Chair Lee Hae-chan said his party will formally discuss next year's budget bill as well as prosecutorial and electoral reform bills with the minor opposition beginning Wednesday.

Minor opposition Bareunmirae Party lawmaker Kim Kwan-young, who will represent his party in the negotiations, said the parties will have to proceed with the bills should the LKP fail to address the issue with a "forward-looking attitude."

The LKP, for its part, has reaffirmed its intent to block passage of the bills with a filibuster.