President Moon Jae-in is set to finally sit down with the leaders of all main political parties for talks on a wide range of issues including the ongoing trade spat between South Korea and Japan.
For more, our Park Hee-jun is on the line for us.
Hee-jun, tell us more.
Right, Ji-yoon. President Moon will hold talks at the Blue House with the leaders of the five political parties on Thursday between 4 and 6 PM, Korea time.
This gathering was finalized this morning by the secretary-generals of the parties at the National Assembly.
It comes just a day after a proposal was made by Hwang Kyo-ahn chief of the main opposition Liberty Korea Party.
It will be attended by the heads of the five parties along with their chief secretaries and spokespeople.
It's not yet decided who will participate from the government side, but it's likely Presidential Chief of Staff for Policy Kim Sang-jo and Finance Minister Hong Nam-ki will be there.
The secretary-general of the ruling Democratic Party of Korea Yun Ho-jung told reporters after the negotiations that there was a general consensus among the parties that they need to cooperate on resolving South Korea's trade dispute with Japan.
They agreed on the need to put aside their political differences, and put their heads together to minimize the damage to the South Korean economy and come up with a solution as soon as possible.
He said the parties will be briefed on the government's measures on the issue, while discussing ways to collaborate in dealing with the trade tensions.
They could come up with a joint statement.
Other state issues, possibly the pending multi-billion dollar supplementary budget bill, will also be on the table.
Hee-jun, President Moon also presided over a cabinet meeting this morning.
What was discussed there?
Yes, President Moon mostly emphasized the importance of so-called "two-top" diplomacy sharing the diplomatic duties between himself and Prime Minister Lee Nak-yon.
The president made this point amid the growing importance of diplomacy, especially in terms of the economy and peace, and South Korea's rising status in the world.
He asked that they view Prime Minister Lee's ongoing four-nation tour as part of such efforts.
Here's the president.
"South Korea has a presidential system, but uniquely it has a prime minister. We give the prime minister the authority to supervise the administrative branches under our Constitution. That means the prime minister has the status for summit-level diplomacy."
President Moon said the prime minister's summit-level diplomacy is contributing to boosting support for domestic companies.
He asked for the ministries' active use of his diplomatic activities, and for their full support.
However, there were no additional messages on the Japan trade issue, nor the upcoming meeting with the five political parties.