Then-presidential candidates Lee Jae-myung of the Democratic Party of Korea, left, and the People Power Party's Yoon Suk Yeol bump their fists ahead of a TV debate at broadcaster SBS' studio in western Seoul, in this Feb. 25, 2022, file photo. Korea Times file

A high-stakes meeting between President Yoon Suk Yeol and Rep. Lee Jae-myung, leader of the main opposition Democratic Party of Korea (DPK), is set for Monday, but the likelihood of any significant breakthroughs appears slim.

Yoon and Lee are slated to hold talks at the presidential office in the afternoon without a prearranged agenda. This marks their first official meeting since Yoon assumed office in May 2022 after narrowly defeating Lee in the presidential race.

According to political analysts, expectations are low for a meaningful outcome, such as the two sides agreeing on contentious issues like DPK-proposed special counsel probe bills.

"This meeting is more about symbolism than delivering tangible outcomes. I don't anticipate any concrete agreements emerging because the two have very different goals for the meeting," political commentator Park Sang-byeong said.

The meeting comes 10 days after Yoon proposed it to Lee during a phone conversation shortly after the ruling People Power Party's (PPP) crushing defeat in the April 10 general elections. The two sides encountered difficulties in arranging the meeting's details, but eventually agreed to proceed without a fixed agenda.

Given the timing of the meeting, the president appears to see it as an opportunity to tackle the challenges stemming from the governing party's electoral defeat.

Yoon now faces an opposition-dominated National Assembly for the remainder of his term, which may pose obstacles to his reform drives. Plus, his approval ratings have dipped below 30 percent in the past couple of weeks, according to surveys conducted by Gallup Korea.

"The president's unpopularity largely stems from perceived stubbornness in implementing controversial policies such as medical and labor reforms, as well as falling short in improving people's livelihoods. From his perspective, the rare meeting with the opposition leader could potentially serve as a breakthrough and help soften his image of being tone-deaf to opposition voices," Park said.

The opposition leader, for his part, aims to assert his leadership and advance his party's agenda by challenging Yoon directly in a face-to-face discussion.

"It will be extremely challenging for the two sides to find common ground on any key issues. However, even if they fail to reach a formal agreement, the fact that Lee made direct demands to the president may assist the DPK in gaining the upper hand in future negotiations with the PPP," Park said.

Rep. Lee Jae-myung, chairman of the main opposition Democratic Party of Korea, attends a party meeting at the National Assembly in Seoul, Friday. Yonhap

Although there is no prearranged agenda for the discussions, it is widely anticipated that Lee will urge the president to support the DPK's election pledge of providing a 250,000 won ($180) subsidy for every citizen as an urgent remedy to improve the people's livelihoods.

While the presidential office has not directly opposed the proposal, Yoon stated in a recent Cabinet meeting that he would not pursue "indiscriminate cash support or populist policies that would ultimately harm the nation."

The DPK leader may also ask the president to accept a special prosecutor bill to investigate allegations surrounding the death of a young Marine surnamed Chae. The bill, pushed by the DPK, alleges that the presidential office was involved in interfering with a military probe into Chae's death.

Political commentator Rhee Jong-hoon said that the success of Monday's meeting depends on how much Yoon is willing to concede on these issues that are uncomfortable for him.

"Of course, the public wants a 'big deal' that could help patch up the polarized political landscape, but the president may not be able to respond to Lee's demands right away," he said.

"But considering that the session is taking place following the ruling party's electoral setback, Yoon could make some gesture of concession. It could be beneficial for the president to reach an agreement on the 250,000 won subsidy plan in broader terms, such as adjusting the amount or compromising in terms of eligible recipients, before the DPK begins to mount pressure with legislative power."

President Yoon Suk Yeol attends a ceremony receiving credentials of newly appointed foreign ambassadors to Korea at the presidential office in Seoul, Friday. Joint Press Corps

Prior to the meeting, the DPK stated that the upcoming encounter will be a chance to demand a fundamental shift in Yoon's approach to state affairs.

"The public is demanding a fundamental shift in national policy direction, and Chairman Lee will convey such sentiments to President Yoon on Monday," the party's spokesperson Rep. Park Sung-joon said in a statement, Sunday.

The PPP warned that the DPK leader should not utilize the meeting to bolster his party's political maneuvers.

"In the lead-up to the general elections, Chairman Lee requested a meeting with the president eight times, under the pretext of addressing the people's livelihoods," PPP spokesperson Kim Min-soo said, also on Sunday. "The public will closely watch whether these appeals for livelihood issues were genuine or were simply part of a political maneuver driven by extreme self-interest."

Traditionally, meetings between the president and the opposition party leader have, at times — though not always — helped break gridlocks on contentious issues, as these meetings signify the president's willingness to communicate with the opposition bloc.

The previous such meeting took place in April 2018 in the early days of the Moon Jae-in government when he met with then-opposition Liberty Korea Party leader Hong Joon-pyo. During this meeting, Moon sought the opposition's cooperation in an inter-Korean summit that had been under preparation, but the talks ended without fruitful results.