Constitutional reform given green light, but will lawmakers slim presidential power with it up for grabs?

The parliament is also looking to revise the country's Constitution.

And within the reform proposals is one that grants presidents two four-year terms instead of the current single five-year term.

Our Kim Do-yeon covers this plan and more.

The leaders of South Korea's two major parties on Monday gave the green light to National Assembly Speaker Woo Won-shik's proposal for Constitutional reform, in light of the upcoming presidential election.

But it came with a caveat as the Chair of the Democratic Party of Korea, Lee Jae-myung, is cautious as there are more important tasks at hand.

"But right now, what's far more urgent and important is preventing the destruction of democracy. The immediate focus should be on ending the insurrection. I hope the People Power Party isn’t thinking of using constitutional reform as a way to simply move past this. But yes, reform is necessary."

However, he confirmed that he agrees that certain aspects of the Constitution need to be changed, such as adding the spirit of the Gwangju May 18th pro-democratization movement to the Constitution, among other things.

Laws need to be revised for this nationwide referendum to happen and Lee has agreed to get work done to make it possible alongside the presidential election in less than 60 days.

In terms of the presidential term, Lee agreed on two four-year terms like the U.S. model.

Meanwhile, the People Power Party welcomed the Constitution reform proposal, while saying that they're already working on the details from their side.

"It's not just about dispersing power. The system must be restructured so checks and balances function properly. Just as presidential powers are being reviewed, the authority of the National Assembly must also be adjusted in a balanced way.

Kwon said that as much as the presidential authority needs to be adjusted, the parliament's authority needs to be adjusted as well.

At the moment, the parliament has impeachment motion power over four different branches of government, and Kwon says it has been imperialistic with its power recently, as the opposition holds the majority of the floor.

He said no one expected this in 1987 when the current Constitution was passed, saying it needs to reflect the world we live in now.

Speaker Woo, after the two leaders' comments, welcomed that the two main parties are on board with the Constitutional reform.

But, as the DP leader was cautious, the referendum targeted for the next presidential election in less than 60 days can just be on what's agreed upon until then.

"With presidential powers at the heart of the constitutional reform debate, voters heading to the polls in less than 60 days won't just be choosing the next president — they'll also be weighing each party’s vision for the presidency and its power.

Especially in the wake of a push for martial law rule by a former president.

Kim Do-yeon, Arirang News."