The newly elected leaders of the rival parties will hold their first bilateral meeting next week, drawing national attention to the turbulent political climate as both are viewed as potential candidates for the 2027 presidential election.

The announcement was made a day after Democratic Party of Korea Rep. Lee Jae-myung clinched his second term with a record-high 85.4 percent of the votes from registered party members Sunday. He will meet the recently elected ruling People Power Party Chair and former Justice Minister Han Dong-hoon on Aug. 25, according to separate announcements made by the two largest parties here on Monday.

All eyes are on whether the first-ever meeting between Lee and Han, who each ranked No. 1 and No. 2 in recent a survey asking South Korean voters' favorite potential presidential candidate, could resolve the ongoing tension between the rival parties. But observers say that both eyeing to run in the next presidential race, alongside the existing gaps in their views on several bills and policies, is likely to fuel further tension within the Assembly.

“(Lee’s reelection) has pushed the political arena into the next phase, which is the very early stages leading into the 2027 presidential election,” political commentator Park Sang-byeong said.

“Lee will continue to challenge President Yoon Suk Yeol, and Han is expected to make defensive countermoves against the reelected chair. This will lead to a heightened tension between the rival parties and an intense rivalry between their new leaders,” he added.

Contentious bills railroaded by the Democratic Party, passed by the opposition-led Assembly, yet ultimately vetoed by Yoon are expected to be discussed at the upcoming talks. Included among them is the bill that pushes for providing cash handouts of between 250,000 won and 350,000 won ($182 and $262) to the entire population, but the two leaders are likely to fail to bridge their gaps on the matter. The cash handout bill, which was vetoed by Yoon last week, is one of Lee's key pledges made for the April 10 parliamentary election.

Earlier in the day, Han welcomed Lee's offer of talks, which the reelected main opposition leader, extended on Sunday. Han expressed hope that they could "set a time and place as soon as possible" and that the meeting would result in "substantial progress" on several stalled livelihood-related issues.

But while Han said that the ruling party would focus on helping roll out policies that would improve the livelihoods of the people, he mentioned that their measures would "significantly differ" from universal cash handouts.

Meanwhile, Lee, on Sunday, also proposed another round of bilateral talks with Yoon, in what experts see as a move to cement his position as the current president’s “counterpart” or a “partner in handling national affairs.”

The two held their first-ever talks behind closed doors in April after Yoon proposed the meeting. Observers said the prospects of a follow-up meeting had soured with the main opposition’s recent moves to impeach the current president and float special counsel investigation bills against first lady Kim Keon Hee.

“Lee has made the latest proposal to hold the bilateral meeting with the 2027 presidential election in mind,” Political commentator Lee Jong-hun told The Korea Herald.

“It’s a move that showcases Lee’s power, that as the leader of the main opposition, which controls the majority or 170 of the 300-seat National Assembly, could cooperate with the president and Cabinet in terms of improving livelihood issues,” he added.

According to a survey conducted on Aug. 12 to 13 by local pollster Gongjung, involving 1,006 voters aged 18 or older across South Korea, Rep. Lee Jae-myung ranked No.1 in terms of the respondents' favorite potential candidate for the 2027 presidential election with 28.5 percent. Han ranked No. 2 with 19.8 percent.