The ruling and opposition parties announced an agreement Sunday to prioritize passing economic bills related to the livelihoods of the public and youth employment before the current parliament session ends next month.

The floor leaders of the ruling Saenuri Party, the main opposition Minjoo Party and the splinter People's Party also vowed to pass bills pending in the Legislation and Judiciary Committee without any issues during the 19th National Assembly's extraordinary session set to run till May 20.

The move came a few weeks after the ruling Saenuri Party suffered a crushing defeat in parliamentary elections in an apparent public backlash against the party's factional infighting.

The ruling party won 122 out of 300 seats, while the Minjoo Party and the People's Party secured 123 and 38 seats, respectively. Seventeen other seats went to independents and members of another minor party.

Earlier on Sunday, party officials said they came to a tentative consensus to approve a bill on lifting regulations on specialized industries in specific areas to boost employment, but it was not included in the agreement as there were still issues to be settled.

The bill aims to boost employment and expand investment through deregulation and tax benefits.

"The ruling and opposition parties will do their best until the end of the 19th National Assembly through discussion and compromise to become a 'working and productive parliament' and meet people's expectations," they said in the agreement. (Yonhap)