President Moon Jae-in has stressed the urgency of coming up with ways to counter Japan's export curbs.
Speaking during a meeting with the leaders of Korea's five political parties, the president expressed the need to devise ways to resolve the issue and bring relations to a normal state.
Also on the agenda was the stalled review of the government's supplementary budget bill.
For more we connect to our Shin Se-min on the line for us, Se-min has the meeting come to an end yet?
That rare meeting of the political leaders today wrapped moments ago/still is ongoing and we are waiting on a group briefing in the moments time.
But let me bring you to that scene moments prior to the start of the meeting between the president and five political parties.
President Moon Jae-in told the leaders that it's important to pool their wisdom on ways to minimize Korea's dependence on Japan -- and he put two major issues on the table for talks today, Japan's export restrictions targeting the heart of the Korean economy and the review of supplementary budget bill.
"What's most urgent and important now is how we react to Japan's export restrictions. We must pool our wisdom to find ways to lessen our reliance on Japan for the supply of core materials in the manufacturing sector."
He added that the leaders can also talk about ways to resolve the conflict between the two neighboring countries ASAP and restore ties for the good of the two nations.
With that, the president also stressed the urgency of handling the long-stalled multi-billion dollar supplementary budget bill at the National Assembly, citing grave economic conditions.
"I ask the National Assembly to review the extra budget bill so that we don't miss the right time to execute it. The budget includes support measures for materials essential to manufacturing."
Adding to that, the rival party leaders voiced their concerns about Japan's export curbs.
Pool reports say the main opposition Liberty Korea Party leader Hwang Kyo-ahn even called on President Moon to hold a summit meeting to handle this issue in a top-down manner.
But despite some of the differences, the meeting today already signifies the gavity of the issue the country is facing, as the leaders have put their political differences aside and are standing united in dealing with Japan's export restrictions which have shown no sign of deescalating.
Do we know if the parties have come out with a type of agreement on the issue? What do we know so far?
That's still the big unknown at this point.
The presidential press corps here are expecting some sort of a conclusive briefing to take place in the coming hour or so, but that has not yet been finalized.
We could perhaps expect an agreement amongst the participants which could include parliamentary-level cooperation to point out the irrationality of Japan's export measures, or even the formation of a special committee from the National Assembly.
We could also learn whether or not the leaders agreed on sending an envoy to Japan to help settle the case diplomatically, through dialogue-- something the South Korean government had been reiterating over and over.
But for now, we are on the waiting end-- so we're going to have to wait for that conclusive briefing later this evening.