President Lee Jae-myung will host a bipartisan economic consultation meeting at Cheongwadae on Wednesday, inviting Jeong Cheong-rae, leader of the ruling Democratic Party of Korea, and Jang Dong-hyuk, leader of the opposition People Power Party. Cheongwadae stated that the meeting was arranged because "President Lee recognizes that national unity and bipartisan cooperation are necessary to actively respond to the economic crisis caused by the Middle East war and uncertainty in the international situation." It is regrettably late — 38 days after the outbreak of the Iran war that triggered the oil and naphtha crisis — for the leaders of the ruling party, opposition, and government to finally gather and discuss solutions, but it is welcome nonetheless.
President Lee is expected to reiterate his request for smooth passage of the government's supplementary budget through the National Assembly. The supplementary budget was drawn up at 26.2 trillion won ($19.2 billion) to ease the burden of high oil prices, stabilize livelihoods, and support industrial damage and supply chain stability. The ruling and opposition parties have agreed to pass it through a plenary session by the 10th. However, the opposition People Power Party has pointed out that the budget includes items inconsistent with its livelihood support purpose, such as funding for independent films and artists, a budget for Traffic Broadcasting System (TBS), and certain startup support programs, and is demanding corrections. The ruling party and government need to heed these concerns, strip out non-essential spending, and reinforce support for companies and vulnerable groups directly affected by the fallout from the Iran war to maximize the effectiveness of this "wartime supplementary budget."
This meeting, which was arranged with difficulty after the collapse of President Lee's February luncheon invitation to party leaders, must not end up as a mere show. Both parties should recall that the February luncheon fell through due to PPP leader Jang's protest against the Democratic Party's forced passage of the Court Appeal Act and the Supreme Court justice expansion bill, and exercise caution in their words and actions. Particularly delicate communication is required on sensitive issues such as constitutional amendment and whether the new Public Prosecution Office — to be established after the abolition of the Prosecutors' Office — will have supplementary investigative authority. The government must firmly maintain a balanced and pragmatic approach to state affairs to secure the opposition's cooperation. To that end, it should first seek follow-up measures to ease the burden on companies pressured by the aftermath of legislation driven by the ruling party, including the so-called Yellow Envelope Act and the strengthened Commercial Act. We hope that President Lee, who enjoys strong public support, will break through the ruling and opposition parties' divergent agendas and take the lead in opening the door to genuine bipartisan cooperation.