South Korea’s Ruling and Opposition Parties Form Joint Committee to Address People’sLivelihood Issues
Seoul, South Korea – In a significant move towardsbipartisanship, South Korea’s ruling People Power Party (PPP) and the main opposition Democratic Party (DP) have established a joint committee, the People’s Livelihood Common Pledge Promotion Agreement Committee, to collaborate on legislation addressing key issues affecting the public. The committee was officially launched on October 28th,2024.
The agreement to form this committee was reached on October 1st by PPP leader Han Dong-hoon and DP leader Lee Jae-myung. The committee, a permanent body, will involve both parties’ policycommittee chairs and chief deputy whips. Its primary objective is to ensure the priority consideration and passage of legislation related to people’s livelihoods in the National Assembly.
The committee’s agenda encompasses a wide range of crucial issues, including:
- Developing emerging industries: Fostering innovation and economic growth.
- Enhancing the value of the capital market: Promoting investment and financial stability.
- Supporting small and medium-sized enterprises (SMEs) and self-employed individuals: Strengthening the backbone of the Korean economy.
- Revitalizing communitycommercial districts and regional economies: Addressing regional disparities and fostering local development.
- Tackling the low birth rate: Implementing policies to encourage family formation and population growth.
- Reducing regional disparities: Bridging the gap between different regions of the country.
- Abolishing financial investment income tax: Simplifyingthe tax system and encouraging investment.
Kim Sang-hoon, the PPP’s policy committee chair, emphasized the importance of prioritizing legislation concerning people’s livelihoods, despite potential disagreements on certain issues. He expressed hope that the committee would enable both parties to effectively address the needs of the public.
The establishment of this joint committee signifiesa positive step towards cooperation between South Korea’s political parties, demonstrating their commitment to addressing pressing social and economic issues. It remains to be seen how effectively the committee will function and whether it can achieve tangible results in improving the lives of ordinary citizens.
References:
- Yonhap News Agency (2024, October 28). South Korea’s ruling and opposition parties form joint committee to address people’s livelihood issues. Retrieved from https://www.yna.co.kr/view/AKR20241028000000004?input=1195m
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