Seoul: Former Prime Minister Han Duck-soo declared his bid for the presidency, pledging to shorten his term to three years to amend the Constitution and leverage his economic expertise to address trade crises.

According to Yonhap News Agency, Han announced his candidacy at the National Assembly, one month before the June 3 elections to replace impeached former President Yoon Suk Yeol. Han, a conservative favorite, is set to challenge front-runner Lee Jae-myung of the liberal Democratic Party.

Until his resignation on Thursday, Han was acting president and prime minister after Yoon's brief imposition of martial law in December. During a press conference, Han expressed his determination to contribute to South Korea's future, aiming to be chosen by the people in the upcoming election.

Having served under both liberal and conservative presidents and as South Korean ambassador to the United States, Han promised three key initiatives, including a constitutional amendment. His plan involves drafting an amendment proposal in his first year, finalizing it in the second, and aligning general and presidential elections with the new Constitution in the third year before stepping down.

Han emphasized that the constitutional changes aim to balance power between the president and the National Assembly, reduce political influence on the judiciary, and promote cooperative governance. Currently, the Constitution allows a single five-year presidential term, but Han's proposal limits his term to three years.

His second pledge focused on resolving trade issues exacerbated by Washington's new tariff policy, utilizing his experience in successful trade negotiations. The third promise aimed at fostering national unity and supporting the socially disadvantaged.

The conservative People Power Party (PPP), affected by Yoon's impeachment, is closely monitoring Han's candidacy. The PPP will select its own candidate, with contenders Han Dong-hoon and Kim Moon-soo open to merging with Han.

Han expressed willingness to collaborate on constitutional amendments and potentially merge with others. On North Korea, he indicated openness to dialogue and the possibility of a summit with its leader.