The government and the ruling Democratic Party (DP) on Friday agreed on the need to restart dialogue with North Korea to restore inter-Korean relations as early as possible based on last week's Seoul-Washington summit deal that reaffirmed the allies' peace commitment toward the Korean Peninsula.

"We have agreed that Seoul should facilitate conversations and exchanges with Pyongyang to ease the strained inter-Korean relations," DP spokesperson Rep. Koh Yong-jin said after a policy consultation meeting of the DP, government and Cheong Wa Dae.

To this end, the DP and the government will work together toward a parliamentary ratification of the 2018 Panmunjom Declaration at an "appropriate time," Koh said during the meeting at the National Assembly.

Last week, President Moon Jae-in and his US counterpart, Joe Biden, held their first face-to-face summit in Washington and agreed on a wide range of issues, including a vision to pursue a global COVID-19 vaccine partnership while reaffirming their commitment to dialogue with North Korea.

The leaders agreed that both the inter-Korean agreement signed at the border village of Panmunjom and the Washington-Pyongyang summit agreement in Singapore are "essential" for the denuclearization and establishment of permanent peace on the peninsula.

The DP and the government also agreed to carry out follow-up steps to implement other deals at the Moon-Biden summit, including the creation of an expert group by early June in preparation for the working-level talks for a global COVID-19 vaccine partnership with the US

On the economic front, the DP and the government agreed to promote South Korean and US companies' investment in key global industries, including semiconductors, batteries and vehicles, as well as corporate cooperation.

"The (measures) will help provide more opportunities for Korean firms in the US market," Koh said. (Yonhap)