Agreement Reached to Prioritize Discussion on Future Food Industry Law Between Ruling and Opposition Parties... Formation of Joint Council for Common Livelihood Pledges Agreed

Priority Discussions on Semiconductors, AI, and the Power Grid Act
Continuous Consultations Between Policy Committee Chair and Floor Deputy Leader

Han Dong-hoon, leader of the People Power Party, and Lee Jae-myung, leader of the Democratic Party of Korea, have launched the bipartisan Livelihood Common Pledge Promotion Council after two months. The ruling and opposition parties agreed to form a discussion channel where the policy committees and floor leaders collaborate. They shared the intention to prioritize the activation of future growth industries.

On the 28th, the chairpersons of the policy committees and the chief deputy floor leaders from both parties met at the National Assembly for the first meeting of the Livelihood and Common Pledge Promotion Council. After the meeting, both sides stated in a joint agreement that "the 'Livelihood Common Pledge Promotion Council,' consisting of the chairpersons of the policy committees and the chief deputy floor leaders from both parties, will be established and operated." Furthermore, the council will operate on a 'regular' basis and prioritize the review and processing of livelihood bills agreed upon in the bipartisan leaders' talks. Additionally, the ruling and opposition parties will exchange livelihood and common pledges, conduct practical reviews, and then form the next council.

Park Seong-jun, Chief Deputy Floor Leader of the Democratic Party of Korea (from left), Jin Seong-jun, Chairman of the Policy Committee, and Kim Sang-hoon, Chairman of the Policy Committee of the People Power Party, along with Bae Jun-young, Chief Deputy Floor Leader, are holding hands at the launch ceremony of the Livelihood and Common Pledge Promotion Council held at the National Assembly on the 28th. Through this council, the two parties will discuss bills related to creating future growth engines such as semiconductors, AI, and expansion of the national power grid, economic revitalization, asset market value enhancement, support for small and medium-sized enterprises, small business owners, and self-employed individuals, support for local markets and regional economies, addressing low birth rates and regional disparities, abolition of parliamentary privileges, revival of district parties, and abolition of the financial investment tax. Photo by Kim Hyun-min

Previously, on the 1st of last month, through a bipartisan leaders' meeting, the two party leaders agreed to actively discuss support measures for expanding semiconductors, artificial intelligence (AI), and the national power grid, as well as support measures to alleviate household and small business debt burdens. They also agreed to swiftly promote legislative tasks to expand parental leave, including extending the childcare leave period for dual-income couples as part of low birthrate countermeasures, and to actively discuss the introduction of the district party system to revitalize party politics. The significance of this meeting lies in reaffirming the content of the leaders' talks and establishing concrete discussion channels.

At the meeting, Kim Sang-hoon, chairperson of the People Power Party’s policy committee, and Jin Sung-jun, chairperson of the Democratic Party’s policy committee, expressed their intention to first discuss future growth-related agendas. Chairperson Kim said, "We consider bills related to the national future growth industries such as the semiconductor and AI industries, measures to expand the national power grid for supporting advanced industries, support measures for small and medium enterprises, small business owners, and self-employed individuals, and countermeasures for low birthrate and aging as legislation that the Democratic Party and People Power Party can align on." Jin Sung-jun also mentioned semiconductor and AI industries, national power grid expansion plans, and low birthrate and aging countermeasures in preparation for industrial transformation, saying, "We need to pool our wisdom."

Regarding the agendas conveyed between the parties, the People Power Party proposed an agreement on a discussion body related to pension reform. The Democratic Party mentioned ▲online platform-related laws to prevent recurrence of the Timf incident ▲amendments to the Commercial Act for capital market revitalization, including Korea Boost-Up related bills ▲legislative measures to stabilize prices of rice and other agricultural products. Accordingly, both sides are expected to begin practical discussions on the agendas proposed by the other party.

For livelihood and common pledges between the ruling and opposition parties, consultations will first be held at the standing committee level, and if there are disagreements, negotiations will be conducted at the level of the chief deputy floor leaders of both parties. Additionally, policy officials such as the heads of policy offices from both parties will participate in practical discussions.

Discussions are also expected to continue through future meetings between the party leaders. Lee Jae-myung said at the Supreme Council meeting, "If necessary, we should consider regularizing dialogues between the party leaders."